chartwatchers

Does dollar price affect oil price?

FX:USOIL   Crude Oil (WTI)
288 2 21
Few people asked me if the stregthening dollar can push down oil             price?
(Now we are waiting for a stronger dollar in the upcoming weeks...)

I've set the US Dollar Index             and USOIL             on the same chart.

If the dollar has an effect on oil             price they should move to the opposite direction:
stronger dollar - declining oil             price and weaker dollar higher oil             price (red boxes)

If the dollar has no effect on oil             price they are moving to the same direction.(higher oil             price with strengthening dollar and lower oil             price with weakening dollar) green boxes.

So we can say that oil             can go higher even with the strenthening dollar.
very good chart. thats what I am thinking about now. USD still slowly strenghtening but oil looks like its heading up despite it...
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and what about gold? they say not correlation with usd and gold but UST and gold there is a correlation. What do you think?
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