How could you calculate how much the price of oil should be? What is the standard to which you measure ....?

What is the standard to which you measure, depending on the value of the dollar, how much you should pay for oil?





There must be a calculation. There is just so much relativity, that I'm wondering, which ';benchmark'; do you use to assess the value of oil in relation to the value of the dollar, which in turn is in relation to.... to what (what benchmark?)? (Perhaps the benchmark is some historic value of some average economic circumstance?)





I understand that when the dollar goes down , oil goes up... but how does the oil market, mechanically/dynamically, realize that devaluation of the dollar and boost the price of oil?





(Trying my best to make sense here).





Is it a calculation of inflation and relative historic values???





I'd really appreciate some input from you economists out there- but everyone is welcome to shed some light.How could you calculate how much the price of oil should be? What is the standard to which you measure ....?
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