Reiterating Thougts on Price of Oil -- WTI (NYMEX) Oil

I maintain that a "fair  price" for Bakken oil is in the $60 - $80 range.

Prices between $80 and $100 reflect world events (e.g., Mideast tension, global economy, supply and demand, etc.).

Prices between $100 and $120 reflect strength of the dollar.

I have posted that almost verbatim three times in past week or so.

This copied exactly as it shows up from Yahoo!InPlay supports the thesis:

11:47AM Dollar Index slipping back off day session high, seeing some limited recovery in Energy/Commodity -- XLE, OIH, KOL, USO, XLB, MOO, SLV, GLD (UUP) :
11:44AM Precious metals are putting in their own rally along with crude; gold is back above $1510, now at $1510.50 +7.10, while silver is now at $45.35 +0.30 after climbing ~0.8% in the last 15 min (COMDX) :
11:41AM Crude oil is rallying and just broke through the $113/barrel level; now at $113.05 +0.85 (COMDX) 

Remember that earlier this morning (before 11:41 a.m.) oil was pulling back, below $112 and heading toward $110 when oil inventory in US was shown to have increased (although that was balanced by inventory of gasoline falling).

Now, after 11:47, with strength of dollar slipping again, oil is back up to $113.

Update, further supporting my my theory:

1:59PM Crude oil just rallied to new session highs at $113.40/barrel without a notable move in the dollar index. However, the dollar is still weaker against the euro; crude is now at $113.25 +1.04 (COMDX) :  1:57PM Dollar Index slide to new day session low, hovering just above its overnight/multi-low at 73.49 (UUP) : Seeing relative strength in Silver SLV, Gold Miners GDX, Gold GLD, Materials XLB, Energy XLE, Oil Service OIH, Copper JJC, Ag/Chem MOO, Commodity Index in recent trade.

1:55PM Precious metals extend gains and make new session highs; gold is now +$6.30 at $1523.30/oz, while silver is +$1.07 at $47.02/oz. (COMDX)