When Oil Strength Isn't Dollar Weakness

Barry Ritholtz asks:

Here's a question -- at what point does ECB Central Bank Chief Trichet realize that every time the ECB hikes rates, it pummels the dollar and sends oil higher?

The answer, it would seem, is "not today":

The euro fell against the dollar as European Central Bank President Jean-Claude Trichet signaled one interest-rate increase is enough to control inflation...
The euro dropped 0.7 percent to $1.5766 at 9:01 a.m. in New York, from $1.5882 yesterday.

Yep, the ECB hiked rates today and the dollar rose in response. You can blame today's rise in oil prices on many things, but dollar weakness ain't one of them.