The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
By Ivan Martchev for InvestorPlace
NEW YORK ( InvestorPlace) -- Since rebounding off the panicked "Europe" low in early October, crude oil is up 35% while the U.S. Dollar Index is up 1.7%.
Often, crude oil rallies have been associated with dollar selloffs, giving credibility to the idea that a falling dollar tends to boost the price of crude oil.
Still, those are long-term strategic considerations. From a short-term tactical perspective, we have geopolitics and seasonality driving the price. There always are issues in the Middle East, and Iran has been in the news (again!), resulting in a perfect storm right in the middle of driving season. It is entirely possible to see a rather large spike this summer, with or without a dollar selloff, with driving season and seasonality kicking in. (Most people refer to the dollar exchange rate using the U.S. Dollar Index, in which the euro -- clearly a problematic currency -- has a 57% weighting. A better gauge is the Trade-Weighted Broad Dollar Index, thanks to its broader composition, including BRIC and other currencies.)