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funny thing... i have noticed that oil price's have been following the dj for some time now. for as long as i can remember crude price per barrel was independent of other indices. perhaps if the dj went to 7000, oil could be at $65/bl. or less.
The new Indian Refinery should stabilize the oil prices.Far more global companies push for large offshore refineries which can be made in Korea or China.You can bet the Chinese and Koreans will spend more on refinery capacity to handle all the crude coming in from Sakhalin reserves.
The official reports do not cover the amount being stored in chartered VLCC and in the Gulf of Mexico reserves which have beens shut off for a short period of time.
It make sense prices should follow the dollar since the market is set in dollars in Philadelphia.It should cost quite a bit more given the drop in value of the dollar to the Euro and the Yen.