While some producers have called for cuts in supply to support prices, the Organization of Petroleum Exporting Countries is expected to continue with its output target of 30 million barrels a day.
Read MorePickens: Saudis bluffing on oil production
On Thursday, U.S. crude futures closed down $1.64, or 2.75 percent, at $58.00 a barrel. Brent futures were last down $1.74, or 2.73 percent, at $62.06 a barrel.
Another thing that could rock the market is a big miss or a big surprise to the upside on Friday's jobs report, Najarian said. Nonfarm payrolls are expected to come in at 225,000.
"Traders are saying, 'Boy, if it's a lot above 200 or a lot below, it's going to be a big deal,' and that's more or less what obviously a lot of the bets that were being placed today were on—that it's going to be a big deal, rather than an in-line report."
Meanwhile, a Federal Reserve rate hike is hanging over the market. On Thursday, the International Monetary Fund said Thursday the central bank should delay a rate increase until the first half of 2016. Some market watchers have been predicting the first hike to come sometime this fall.
Read MoreIMF warns Fed should delay rate hike
Larry MacDonald, senior director at Societe Generale, called the IMF's comments "a little late to the game" since the market has already been saying the U.S. has not being meeting expectations for quite some time.
That said, he thinks the Fed wants to raise rates "just so that down the road if here is a problem, they can cut rates again."
"The Fed desperately wants to put bullets in the chamber."
However, he thinks the big thing to watch is when the Fed reverses its mortgage-backed securities reinvestment.
"The Street thinks that's six months after the first rate hike. It could be quite a bit farther than that," MacDonald said.
Amy Wu, equities derivatives strategist and director at RBC Capital Markets, said everyone is expecting more market volatility when the Fed does lift off, but no one is willing to say exactly when that will happen.
"What they are doing is selling nearer-term volatility because we're heading into the summer. It's going to be quiet; it's going to be slow."
Heather Hughes, regional vice president at SunAmerica Funds, has her eye on financial stocks, which she said will do well in a rising-rate environment.
"That steepening yield curve means that the profitability, those net interest margins in financials should increase especially the regional banks in particular."