Crude oil saw mixed results during last week's trading session. Crude oil began last week with a sharp uptrend and a barrel of crude oil was traded around $87.00 a barrel. However, the bullish momentum was diminished by Wednesday and crude oil dropped back to $85 a barrel.
Crude oil rose last week due to the continuation of the positive data from the U.S. economy. The U.S. economy is the largest consumer of oil, and thus every indication regarding a possible growth in the U.S. which should contribute to higher demand for oil, is likely to support oil prices. However it appears that the market is currently satisfied with the $85 a barrel price. It merely took little disappointing U.S. weekly employment data to drop crude oil prices back to $85 a barrel.
Looking ahead to this week, traders should follow every update regarding the Greece rescue plan. If investors will have more confidence that the Euro-Zone economies will recover from this crisis, this is likely to boost oil prices. In addition, traders should also follow the major publications from the U.S. economy as they tend to have a large impact on crude oil.