The price of Spot Crude Oil continues to plummet due to the momentum-gaining strength of the US Dollar. Despite the EUR's recent progress against most other currencies, the spiking value of the greenback seems to appear as if it's here to stay, for now. What this means is that commodities are beginning to reflect the loss in value that is inherent in this valuation of the USD.
The finance ministers from OPEC nations have made statements about potential future meetings to discuss production levels to combat the recent trend, but most speculators claim that the oil cartel is in a very weak position to change the price of oil at this point in time. Market forces seem to be favoring safe-haven investments like the USD and JPY, oil will continue to be on the losing side of this equation so long as the greenback is on the winning side.