Last week's trading proved one thing, $80 a barrel is a stabile price for crude oil. Crude began last week with a rising trend that peaked at $82.15 a barrel. However as the week progressed, crude oil saw several ups and downs, which took oil back to around $80 a barrel.
It seems that the reduction in the fourth quarter U.S. Gross Domestic Product has added to concerns that growth in fuel demand could slow. There are currently worries regarding the strength of the U.S. economy, which turns investors to look for safer assets than crude oil. It currently seems that crude oil will fail to reach above $83 a barrel unless concrete data will prove that the U.S. recovery pace is steady.
As for the following week, traders are advised to follow the main publication from the U.S. economy, especially the Non-Farm Payrolls on Friday, as they tend to impact crude oil the most. Traders should also follow the U.S. Crude Oil Inventories as this report has proven to have an imminent impact over the market.