Oil prices hit and then recoiled from highs last seen in October 2018 on Monday as investors eyed the outcome of this week's Opec+ meeting as the US and Iran wrangle over the revival of a nuclear deal, delaying a surge in Iranian oil exports.

Brent crude for August had slipped 16 cents, or 0.2%, to $76.02 a barrel by 3:18 am GMT while US West Texas Intermediate crude for August was at $73.93 a barrel, down 12 cents, or 0.2%.