Does Engine Oil 'Go Off'?

[WarChild007]

Hiya, Just had a clear out in the garage and found an opened 5L (got 4.5L in it) bottle of Fuchs Titan Race Pro F 5W 40 oil.
It can only be 3yrs old at the most, does anything happen to oil over time (i.e. separate etc) or would it be fine to use still?

Thanks!

Edited by WarChild007 on Monday 27th August 18:37