Oil prices dipped on Thursday as the record output from the United States (US) and rising crude stockpiles dampened the impact on markets of tighter US sanctions on Iran as well as the continued curbs on supply by the Organisation of Petroleum Exporting Countries (OPEC).
Brent crude futures were at $74.53 per barrel at 0241 GMT, down four cents from their last close.
US West Texas Intermediate (WTI) crude futures were at $65.75 per barrel, down 14 cents, or 0.2 percent, from their previous settlement.
Crude futures rose to 2019 highs earlier in the week after the US said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.
