NEW YORK (CNNMoney.com) -- Oil prices fell amid choppy trading on Monday as investors digested new details about Greece's bailout package.
What prices are doing: Crude oil for May delivery slipped 58 cents to settle at $84.34 a barrel. Prices had fallen as much as 84 cents during the day amid skepticism over Greece's bailout plan.
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Though crude oil is down about 2% over the past week, prices are still 69% higher than this time last year.
What's moving the market: Over the weekend, the European Union pledged nearly $40 billion to help Greece ameliorate its fiscal problems. This helped push the dollar down near a one-month low against the euro.
Typically, a weaker dollar makes crude, which is priced in the U.S. currency, cheaper for foreign investors and, in turn, bolsters demand and prices. Instead, oil prices dipped as traders remained bearish about the prospects of the bailout.
The EU has been back and forth on a solution to Greece's debt problems over the past few months and the debt-laden country had been reluctant to formally ask for help.
The oil markets turned higher for a short while after more details about the package surfaced, but almost immediately reversed gains.
What analysts are saying: "I don't know if the energy markets know which way to go," said Mark Waggoner, president of Excel Futures. "Everyone's trying to evaluate what happened over the weekend."
Still, many analysts say prices are too high, given historically low oil demand and persistent weakness in economy.
"Given the Fed's outlook for a slow pace of economic recovery, we don't feel that current prices of oil are justified by the economic backdrop," said Tom Pawlicki, a research analyst for MF Global.
According to the latest Energy Information Administration inventory report, demand remains well below historical norms. And economists from the National Bureau of Economic Research on Monday said that it's too soon to say the recession is over.
Add to that, rising gas prices, which are up over 40% to $2.86 a gallon on average according to the motorist group AAA, could stifle demand as consumers avoid the pumps.
Looking ahead: A spate of economic reports are due out this week. Of particular interest to oil traders will be the jobless claims reports, retail sales and consumer price index.
Waggoner says that traders will be seeking direction from these economic reports. Positive news could point to higher future demand for oil and could send crude prices higher.
Still, choppy trading could continue this week as investors in the U.S. rush to complete tax forms ahead of the April 15 deadline. "This is typical of the market during tax time," he said. 
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Today's featured rates:
| Index | Last | Change | % Change |
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| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
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| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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