Dollar, pricing the commodities, remains the crucial factor to the changes in the oil market. The U.S. Fed announced a 600-billion-dollars bond buying plan last month, sending dollar to a falling path, as one of the consequences, oil prices surged.

Oil traders and investors are mulling the implications of U.S. unemployment of 9.8 percent released last Friday particularly in light of the degree of quantitative easing, Turner told Xinhua.

At this juncture, the dollar's weakness and inflationary pressure in the United States over the next 12 months suggest that commodities prices, including oil, are likely to be meaningfully higher.

But on the other hand, the European debt crisis, tensions on the Korean Peninsula and Iran issue would support dollar's rising, which will also affect oil market in a significant way.