If 10 dollars can buy 10 barrels of crude oil now, then a barrel of crude oil is worth 1 dollar.

Now suppose that the dollar depreciates by 50%, then $20 can buy 10 barrel of crude oil, and then 1 barrel of crude oil is worth $2.

The essence is the depreciation of the dollar rather than the appreciation of crude oil.

On the other hand, if the crude oil depreciates by 50%, then $5 can buy 10 barrel of crude oil, and then 1 barrel of crude oil is $0.5, but you can't say that the dollar appreciates.

All dollar-denominated resources are the same, such as gold and futures = =. Here is just to explain the principle of commodity price fluctuation caused by the rise and fall of the US dollar. The premise is that commodity prices remain unchanged, but in fact commodity prices cannot remain unchanged, so what I said above is not absolute, but there is indeed arbitrage space.