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Brent oil price remains in a tight trading range, between $67-68, at the time of writing.

Friday's weekly oil rig count from Baker Hughes showed a decline of 5 oil rigs last week to currently 742. A drop in active oil rigs is usually bullish for oil prices, but likely the downbeat U.S. job data also on Friday weight on prices. Growth in the huge oil producing country tend to imply increased oil demand and vice versa. The cold weather continues in the U.S. and the weekly oil stocks data from the API and EIA will therefore be followed closely for effects on oil stocks.

According to the Iranian Revolutionary Guards, the unrest in the country which lasted more than a week, has ended. The unrest increased the geopolitical risk premium and supported oil prices on fears of the unrest potentially leading to supply disruptions and/or spreading to other oil producing countries.

According to a Reuters survey OPEC compliance to the current oil production deal came at a whopping 128% in December compared to 96% in November. According to the EIA. The production cut deal aims at reducing global oil inventories to 5-year average and will be reviewed in June.

Turning to economic data, this week sees a row of inflation data. Today's main event is the Eurozone retail sales and Fed member speeches. Friday's U.S. employment figures came out lower than expected (148K versus 252K previous) while unemployment rate remained unchanged. .