Exxon Mobil is due to report earnings Thursday; Chevron will report Friday.
How should investors play the oil bigs?
Rebecca Darst of Interactive Brokers told CNBC that one key is to watch options trading.
"In the case of Exxon and Chevron , both of whom are reporting earnings this week, we're seeing options are pricing in about a 5 to 6 percent price move on back of the earnings. ...These are expensive stocks, so that's not a huge rebound."
"There's kind of widespread expectation that these companies are going to hit the ball out of the park just because oil prices are high -- but what observers of the market may want to keep in mind is that these guys are net consumers of oil, so they're going to be impacted by high fuel prices like U.S. drivers are going to be."