Crude oil saw a bullish trend during the beginning of last week mainly due to speculations that the Euro-Zone will declare a final bailout plan for Greece. However, as the week progressed it seemed quite certain that the Euro-Zone leaders would fail to agree on such rescue plan. This has reduced risk appetite and drove investors to look for safer haven assets such as the Dollar and the Yen. In addition, the appreciation of the Dollar also contributed to the weakening crude oil. Crude is traded in Dollars and thus when the Dollar rises, crude oil's value tend to drop.
As for the week ahead, traders are advised to follow the main publications from the U.S. economy and the Euro-Zone as these seem to have the largest impact on crude oil. Traders should also follow the U.S. Crude Oil Inventories report on Wednesday, as its publication tends to have an instant impact on the market.