Some traders predicted it would break the 1.90-mark level next week.
Even at the recent peak, crude did not rise to $100 a barrel, as some traders had predicted.
At the same time, however, many traders are still predicting that the dollar will decline later this year.
Just a few weeks ago, many traders were predicting that oil would fall below $50 a barrel.
But traders are not predicting a collapse.
Many traders and analysts predicted last week that the Fed would be forced to lower rates soon to stimulate an economy slowing too quickly.
But traders are not predicting a collapse of the dollar, only that the downward drift will continue.
Copper and lumber prices jumped as traders predicted strong Japanese demand for rebuilding from the earthquake.
How do these traders and firms predict which shares will hit big?
But the dollar held firmly above Tuesday's levels, and some traders predicted that the decline might be over for now.