Oil Sees Steepest Weekly Loss Since March

After a volatile week globally, the major U.S. indices closed well to the upside Friday with the Dow closing higher by 211.52 points. From high to low this week, check this out: the Dow traded in a range of 328 points. It caught some air, closing the week in the green, but it's still negative for the year. The S&P 500 and Nasdaq both closed the week lower, though. The S&P 500 has been down for three straight weeks, but turned positive for the year.

All 30 Dow components closed in the green Friday, led by Apple, United Health, Visa, IBM and Verizon.

Oil saw its steepest weekly loss since March as IEA forecasted prices will need to fall even further to curb supplies. Prices slid 7.4% this week to close at $52.74 per barrel.

Tensions will be high all weekend long in Europe as European Union members scrutinize Greece's latest proposal to extricate itself from billions in debt to the Eurozone. On top of that, the Iran talks to solidify a nuclear deal have been extended to Monday and China's markets just finished an extremely volatile week.

Here's what you need to watch next week: We will of course be watching the latest out of Greece, China and Iran. We also have retail sales on Tuesday, the Beige Book and PPI on Wednesday, initial jobless claims on Thursday, and housing starts and consumer sentiment on Friday.