While oil has risen, the U.S. currency has weakened, leading to speculation that the dollar's depreciation is driving investors to buy oil as an inflation hedge, thereby pushing up the price of crude.

“I would argue the other way,” Currie said in an interview Tuesday in London. “I would argue that higher oil prices drive the dollar down and then the weaker dollar drives the metals and soft commodities up.”

The U.S. currency dropped to the lowest in more than a year against the euro on Oct. 26, while the dollar index, an indication of the international value of the currency, has lost 6.4 percent this year. Gold for immediate delivery has climbed 24 percent to a record this year while sugar is up 70 percent.