NEW YORK, April 10 (Xinhua) -- Oil prices witnessed a modest decline on Monday as traders look for more clues on market demand and supply.

The West Texas Intermediate (WTI) for May delivery lost 96 cents, or 1.19 percent, to settle at 79.74 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery fell 94 cents, or 1.10 percent, to settle at 84.18 dollars a barrel on the London ICE Futures Exchange.

Most energy market participants are still on the sidelines until they get more clarity on the global growth outlook, according to Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.

There have been a lot of headlines but nothing is moving oil Monday as prices appear content hovering above 80 dollars per barrel given all the supply challenges, said Moya.

Given voluntary production cut by some oil producing countries and rising geopolitical tensions, oil should start building a floor at 80.00 dollars per barrel and work toward the high end of the 80.00 dollars per barrel handle in the coming weeks, according to Phil Flynn, senior analyst at The PRICE Futures Group.

Flynn expected U.S. commercial crude oil inventories to show an increase of 1 million barrels this week in addition to growth in gasoline and diesel inventories.

Moreover, the U.S. dollar index posted solid growth on Monday, which weighed on asset prices denominated in U.S. dollars.