U.S. Dollar Index vs Oil Price

[dan_s]

This chart shows how the movement of the U.S. dollar impacts oil prices. Oil is traded in dollars, so an increase in the dollar (compared to a basket of other currencies) causes oil prices to fall.

http://www.macrotrends.net/1334/dollar- ... ical-chart

This accounts for about half the decline in the oil price. Margin calls are what caused the big drop on October 14.