In my own opinion, the price of the oil does not affect cryptocurrency because they did not share the same industry as well as the market prices.
Oil is related to just about everything, all kinds of chemicals are derived from it and plastics we use and eventually even the cost of all energy can relate to a high oil price. Higher oil will raise the cost of natural gas because all prices are related to some extent.
The reason why oil is related to virtual Bitcoin even is the cost of processing involves alot of energy usage. As much energy is used to confirm BTC as is used by Nigeria, a nation of 160 million and a major oil producer