Crude oil prices are down on Monday as a risk-off mood underpins the American currency. The black gold stands a few cents above an intraday low of $79.71 a barrel and is nearing its latest range's base.

OPEC oil output cut

Early April, the Organization of the Oil Exporting Countries and Allies (OPEC ) surprised market players by announcing a cut in their oil output of around 1.16 million barrels per day, pushing West Texas Intermediate (WTI) roughly 5.5% higher on April 3, leaving a $4 unfilled gap. WTI has been consolidating between $79 and $81.80 since the announcement, unable to find fresh directional impetus.

Higher energy prices have been partially responsible for skyrocketing inflation, and OPEC 's decision came as a complete shock and revived concerns not only about price pressure but also about economic growth.