Crude oil hit its highest level in a week on Friday, following the release of a positive US employment figure. Positive US data typically leads to an increase in demand among American consumers, and can result in higher oil prices. Crude reached as high as $108.17 a barrel on Friday, before staging a slight downward reversal to close out the week at $107.40. Turning to this week, a batch of US data is forecasted to generate some volatility in the price of oil. Positive indicators out of the US could convince investors that demand will continue to go up, which may lead to another spike in prices. Additionally, traders will want to monitor the ongoing conflict between Iran and the West. Any escalation in the conflict may cause the price of oil to rise.

Source