Can someone please explain the relationship between oil and dollar? Is it always the case that rise in Oil price is preceded by a weakened dollar or it can be vice versa? In other words when dollar weakens due to economic reasons, the OPEC raise oil price to maintain price parity. Or are there other reasons?
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Oil is traded in US dollars,
so whenever the FED prints money = more US dollars chasing a limited amount of goods = price go up.
IMO, this is the fundamental you have to look at to know where prices will go in the medium-long run.
In the short run, you have to ask the guys who are in the energy sector. There are some here.
It's important to note that many of the historic correlations broke down in the wake of the financial crisis.
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