The correlation between the U.S. Dollar and Crude oil is at minus 0.94 and that is the lowest level in three months. Some crude oil investors are looking for the safety of the U.S. Dollar and are moving their investment capital. The sovereign debt situation in Europe is a contributing factor to the drop in crude.
To read a related Bloomberg article, please click here:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aifw3DhCYjPk&pos=7
Jim Sutliff