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Is the spike in crude oil due to declining inventories or a falling dollar?

Some point to the decline in oil inventories, which Energy Dept. data showed dropped 5.4 million barrels in its weekly report released May 27. The decline in supply, however, was met with another large drop in demand, which fell 5.4% in March, according to the most recent Petroleum Supply Monthly report released by the Energy Information Administration. After rising 15% against the euro at the height of the financial crisis, the dollar is now back to pre-crisis prices—around €1.40. That can't help but push the oil prices higher.