Oil price falls 2% on Delta variant concerns

"Traders are facing a reality check this week as the Delta variant reached Europe and as an infections surge in south-east Asia," said one analyst.

Oil prices fell nearly 2% after hitting their highest since 2018, as a spike in Covid cases in Asia and Europe put a brake on the rally before this week's OPEC+ meeting.

Brent futures fell $1.33, or 1.8%, to $74.85 a barrel, while US West Texas Intermediate crude fell $1.06, or 1.4%, to $72.99.