Crude oil saw a relatively bullish session during the beginning of last week, and reached a weekly high of $83.05 a barrel. However, close to the weekend, crude oil dropped significantly and is currently traded around $80.80 a barrel.
The decline of crude oil seems to be the result of the drop in the U.S. Consumer Sentiment survey from Friday. The survey fell from 73.6 points on February to 72.5 on March, renewing concerns about energy demand in the world's largest oil consumer. If the following data from the U.S. economy will continue to disappoint, it seems that crude oil might drop below $80 a barrel.
Looking ahead to this week, traders are advised to follow the main publications from the U.S and the Euro-Zone. Special attention should be given to the U.S. Interest Rate announcement on Tuesday and the Crude Oil Inventories report on Wednesday, as these seem to be the news events that will impact crude oil the most this week.