Oil prices fell on Thursday, pulled down by record US crude production that led to a surge in stockpiles.
Outside the United States, however, oil markets remained tense as exemptions to US sanctions on Iran expired, a political crisis in Venezuela escalates, and as producer club OPEC keeps withholding supply.
Spot Brent crude oil futures were at $71.91 per barrel at 0239 GMT, 27 cents, or 0.4 per cent, below their last close.
US West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3 per cent, at $63.41 per barrel.
“Crude oil prices fell sharply as stockpiles in the US rose to their highest level since 2017,” ANZ bank said on Thursday.
