The US dollar index, which measures the greenback against a basket of six major currencies, was last roughly flat at 95.451.
Besides the moves in commodity currencies, traders awaited more U.S. economic data for clues on the likelihood of a December Federal Reserve rate increase.
It touched a high of 95.74 before the OPEC news caused the US dollar to lose ground.
The US dollar was last up 0.24% against the yen at 100.67 yen, and was roughly flat against the Swiss franc at 0.9710 franc.
The dollar is down 4.2% this year as traders lose faith in the prospect of U.S. rate policy diverging with that of Europe and Japan, where central banks have pursued unprecedented monetary stimulus.
While the Fed last week projected one rate increase for 2016, they also reduced forecasts around tightening in the coming years.