After showing little change over the course of the two previous sessions, the price of crude oil showed a notable move to the downside during trading on Monday.
Crude for May delivery tumbled $0.96 to $79.74 a barrel after inching up $0.09 to $80.70 a barrel in the previous session.
"Crude prices are drifting lower as most energy traders are still on the sidelines until we get a clearer picture on the global growth outlook," said Edward Moya, senior market analyst at OANDA.
The decrease by the price of crude oil came as concerns about the global economic outlook overshadowed worries about supplies.
"This week, we will find if the US economy is taking the steps into the recession pool or if it is going to do a cannonball into it," Moya said.
He added, "Wall Street should have a strong handle on the trajectory of the economy after it gets a pivotal inflation report, the latest retail sales numbers, and bank earnings along with their respective outlooks for the American consumer."
