WTI Price Analysis: Testing the $80 level versus the broad USD

On Monday, crude oil prices are lower as a risk-averse sentiment underpins the U.S. dollar. The price of the black gold is a few cents above its intraday low of $79.71 per barrel and is approaching the range's bottom.

Early in April, the Organization of the Oil Exporting Countries and Allies (OPEC+) astonished market participants by announcing a 1.16 million-barrel-per-day reduction in their oil output, which pushed West Texas Intermediate (WTI) approximately 5.5% higher on April 3 and left a $4 void. Since the announcement, WTI has been consolidating between $79 and $81.80, unable to find fresh directionality.

Higher energy prices have contributed to inflation's meteoric rise, and OPEC+'s decision came as a complete surprise, reigniting concerns not only about price pressure but also about economic growth.