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Oil prices are down on US production and Venezuelan tensions
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Oil prices fell on the back of record US crude output, but oil markets remained tense outside the US as exemptions from US sanctions on Iran expired, Venezuela's political crisis escalated, and OPEC continued to prevent producers.
Brent crude futures were $ 71.91 a barrel, down 27 cents, or 0.4 percent from the previous close.
West Texas crude futures were down 19 cents, or 0.3 percent, at $ 63.41 a barrel.
US crude inventories rose last week to their highest level since September 2017, jumping 9.9 million barrels to 470.6 barrels. Production hit a record 12.3 million bpd, while refining activity fell, according to the Energy Information Administration report.
However, oil markets outside the United States remained tight amid the political crisis in Venezuela, the imposition of tougher US sanctions on Iran does not allow more exemptions from May, and with the Organization of Petroleum Exporting Countries (OPEC) continuing to block supply to support prices.
Omani Energy Minister Mohammed bin Hamad al-Rumhi said on Wednesday OPEC's goal was to extend the cuts, which began in January when they meet in June.
Although many OPEC members want to keep supplies to support the market, the group may have to work.
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