OPEC is traded in dollars, but the value of oil and gas in other currencies, like the Euro and so on, is also going up. If this was just a matter of American monetary policy these prices would only be going up in dollars, not other currencies.
Commodities are going up in all currencies, something that wouldn't happen if it was just QE and the like. So the assertion is false.
The reason oil and commodities are going up is increased speculation and increased demand from developing nations.
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