On Thursday, oil prices soared over 10 percent, pushed by positive U.S. data and a recovery in financial markets, but by Friday, oil was keeping investors on their toes.

On Friday, both Brent and WTI crude slumped back into the red during Europe's morning session then bounced back in afternoon trade.

Analysts are now suggesting this isn't the time to get positive on oil prices but rather remain cautious, as the volatility in financial markets continues.

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Jasper Lawler, market analyst at CMC Markets, told CNBC via email that it's no coincidence that within one week, the Dow had crashed 1,000 points and oil surged 10 percent in a single day.

"Volatility is way above usual," Lawler said, adding that sentiment toward commodities had become "very bearish" with speculation of falling Chinese demand.

"The U.S. GDP surprise caught some short sellers with their pants down with the oil price having just hit 6 1/2-year lows. My base case is oil drops to the 2008 lows but we're almost there already and yesterday's surge suggests this short-covering rally could have further to go."

Analysts are now suggesting investors are getting nervous again based on uncertainty surrounding various countries' next moves, especially when it comes to central banks and China's economic situation.

Even OPEC members are getting nervous this week, with both Iran and Venezuela reportedly showing signs of wanting an emergency meeting, to prevent a global oil price rout. Consequently, investors are being told to be cautious and pragmatic, rather than rash in this time of unpredictability.

It's not just oil that seems to follow this trend, but other sectors are riding the volatility trend. Following "Black Monday," Thierry Wizman, global interest rates and currencies strategist at Macquarie Group, told CNBC Tuesday, it's typical for volatility to follow volatility.

"Big down days, are generally followed by big up days, and that impulse lasts for a few days following a shock. It's not surprising that markets are up today (Tuesday), I wouldn't take that to believe they'll be up for the next few days consistently," Wizman told CNBC on Tuesday, before all global markets coincidentally seesawed within following days.

While oil and stocks are "a little bit closer than usual" in correlation, Todd Horwitz, author and founder at Averagejoeoptions.com, believes this trend will soon wear off.

"We're so concerned that we have this lack of growth, so when you see oil plunging that suggests, well, maybe there are real problems with the lack of growth, so it does put some pressure on the market."

"Overall, I think oil is going to stabilize here and it's hard to work its way higher as there's much bigger demand as we go through, while the stock market will probably go in the other direction … as there's many fundamental issues that don't add up here."

—By CNBC's Alexandra Gibbs, follow her on Twitter @AlexGibbsy.