After last week's losses, prices remain pretty volatile, as WTI was hovering above $60 again in pre-market trading, Reuters reports.

One key data point: "Data released Friday revealed the biggest weekly jump in the number of U.S. oil-drilling rigs since January 2017, contributing to concerns about a surge in U.S. production," MarketWatch notes.

What to watch this week: In addition to the usual Energy Information Administration (EIA) data on stockpiles on Wednesday, this week brings...

• The latest edition of the International Energy Agency's closely watched monthly oil market report lands tomorrow.
• On Monday afternoon, EIA will show its forecast for U.S. shale production this month and in March.

Be smart: A weekend piece in Bloomberg's Gadfly analysis section says the "nightmare scenario" for OPEC would be data emerging soon that shows a cut in projected global oil demand growth, which would be the other shoe to drop after surging U.S output.