Simple Question with interesting answers?

Since I never posted anything interesting, I had this discussion in one of the classroom sessions during MBA.

How world would be if we have one global currency?

Subprime Market and impact on Oil Prices

So, with recent turmoil in the subprime markets, most of the fixed income markets such as commodities market for Oil, Gold, Natural Gas Futures have all seen lot of volatility and trading. With Oil & Gold rising to historic high levels. Today, in a discussion with a trader from Citi, we were discussing/speculating if Oil would continue to go higher due to impact from Sub-Prime?? I argued against it, and speculated that Oil Prices are no longer that closely coupled with US markets, due to huge demands driven by China and India, and also the impact of sub-prime, is slowly getting un-covered and financial losses of companies such as Citi are much lower than what markets predicted, therefore US economy will not head into recession, and thus impact on Oil Prices would be low bringing them back to normal 65-70$ levels. Some experts will also argue in the other direction, and say that because sub-prime markets will continue to be a problem, and thus short term investors will hedge their investments by investing in Oil(same as Gold). What do you guys think? Oil a Buy or a Sell in the futures market?? Only time will tell the answer, but for now I am voting for lower oil prices in near future (1-2 months).