As per OPEC President Chakib Khelil's latest statements, if dollar begins to gain back some significant ground, crude prices may fall of a cliff. He further said that, if the dollar strengthens 10%, there is a good bet that prices will fall by $ 40
Dollar weakness and speculative interests were one of the major reasons for oil price boom (and gold price boom)
Though the dollar had weakened by 10% over the past year, oil had nearly doubled during the same period. That was way out of proportion.
OPEC had throughout maintained that supply is enough and that the price rise is on account of dollar weakening / speculative interests.
Dollar is not expected to weaken much further, even if the Feds drop rates by another 25 basis points.