Oil prices slip after hitting highest since 2018 before OPEC+ talks

Oil prices slipped on Monday after hitting more than 2-1/2 year highs earlier in the session, as a spike in COVID-19 cases in Asia put a brake on their rally before this week’s OPEC+ meeting.

Brent was down 20 cents, or 0.3%, to $75.98 a barrel at 1040 GMT, after climbing to $76.60, its highest since October 2018. U.S. crude was 10 cents, or 0.1%, lower at $73.95 a barrel.

But analysts said the rally had not yet run out of steam.

“With sentiment running high, market watchers say crude prices are likely to keep rising … Vaccination rollouts and strong summer demand make for a potent bullish cocktail,” said Stephen Brennock of oil broker PVM.