Crude oil prices broke hard after the Saudi-led coalition in Yemen ended its "Operation Decisive Storm" in favor of what they are calling "Operation Renewal of Hope" that will focus on trying to find a political solution to the threat from Yemen.
The dollar’s relationship with commodities was in full force last week. The sharp increase in the price of oil (up more than 10% since April 8) was in stark contrast to the dollar, which fell sharply against its G10 counterparts, as you can see in the chart below.
OPEC says that U.S. crude oil production will fall while demand for its oil will rise. That is the latest prediction from the OPEC oil cartel that seems to be winning the production war against the U.S. shale producer.