How cheap is oil in Euro and Yen terms

So how cheap is oil in Euro and Yen terms when compared to US Dollar and the Sterling (GBP).

The above graph (courtesy of Nauman Khan at InvestBank) shows the relative impact of the US dollar depreciation against the three major currencies across a 10 year period starting January 2000 and ending December 2009. At its peak WTI was indexed at 7 in dollar terms when compared to year end 2001 prices but only 3 times in Euro terms.

The spread between the relative indexes (Dollar and Euro) was at its widest at a relative score of 3.5 in June 2008. Interestingly enough the spread has now shrunk to a range between 1.25 and 1.5 and this is before the Euro dipped to 1.3434 in February at the peak of the Greece crisis.

If you are moving in a direction where the world is willing to reduce the dollar depreciation currency translation impact from the price of Oil, what happens to the price of Oil?