Almost two-thirds of the respondents to CNBC's latest poll of oil market sentiment (13 out of 21) believe prices will continue falling this week, 24 percent (5 out 24) expect gains while 14 percent (3 out of 21) are neutral.
U.S. crude oil ended 74 cents higher at $97.85 a barrel on Friday, but finished the week with a 3 percent loss and its third weekly decline, Reuters reported. Brent crude for December ended 6 cents a barrel lower at $106.93 on Friday, its third day of losses and second weekly decline. Brent ended the week 2.7 percent lower, its biggest weekly decline in one month.
The week's scheduled U.S.economic releases – including September retail sales and the October ISM Manufacturing Index -- are likely to be consistent with a softer economy, dragging U.S. futures further below $100, CNBC poll respondents said.
(Read more: Oil costs nudge September US import prices higher)
"We're continuing to see the U.S. economy show weaker prospects at solving its unemployment issues," said Carl Larry, president of Houston-based consultancy Oil Outlooks and Opinions.
"This past week's jobless claims is another hit which should make the next unemployment report look even worse than the last. For the U.S., oil is dependent on the ebb and flow of the economy and it's demand for fuel."
Traders will continue to monitor the dynamics affecting the price spread between the two crude benchmarks. Signs of growing inventories pushed the Brent/WTI spread to more than $13 a barrel earlier last week - its widest since April. The gap may start to narrow after the startup of pipelines linking the oil supply hub of Cushing,Oklahoma to the Gulf Coast and as refineries return from maintenance.
(Read more: Calls come for US to export oil)
"U.S. refinery maintenance should begin to ease which should stop the recent trend of builds in the U.S.DOE (Department of Energy) inventories for crude, so we expect buyers to return," said David Nevin, a London-based broker with XConnect Trading.
"WTI is looking oversold at the moment and a move back to $96.20/$95.80 will again be a buying opportunity," Nevin said.