There never was much of a correlation, negative or otherwise. The huge gain in oil cannot be explained by the percentage fall in the dollar. In other words, oil has gained far more percentage-wise than the dollar has lost.
USD/oil negative correlation breaking down: A bullish development for the USD?
It has been interesting to see crude oil climbing to new record highs despite the resurgent greenback. The common belief is that there is a negative correlation between the U.S. dollar and oil, a result of oil being priced in dollars. "As the dollar declines in value, so does the price of oil in non-dollar terms," explains Michael Woolfolk at the Bank of New York Mellon. "Consequently, foreigners bid up the price of oil and other dollar-denominated commodities. The result is that the price of crude oil and other commodities rise in dollar terms as the dollar falls in value against other currencies." ... (full story)