Crude oil saw a volatile session during last week's trading. Crude oil began the week at around $79 a barrel, and by midweek rose to $83 a barrel. However by the weekend, oil erased most of its gains, and was trading around the 80.00 mark.

Crude oil fell to $80 a barrel on Friday following the lower-than-expected U.S. Non-Farm Employment Change data. The disappointing data boosted concerns that demand for energy in the U.S, the world's largest consumer of energy products, will decline. It currently seems that as long as the U.S. and the euro-zone do not show stronger signs of recovery, crude oil might weaken further.

Looking ahead to this week, traders are advised to follow the major economic publications from the U.S. and the euro-zone. Traders should also focus on the U.S. Crude Oil Inventories report, which is scheduled for Wednesday, as this report tends to have an instant impact on the market.