Singapore — Oil prices dipped on Thursday as record US output and rising crude stockpiles dampened the impact on markets of tighter US sanctions on Iran and producer club Organisation of the Petroleum Exporting Countries’ (Opec’s) continued curbs on supply. Brent crude futures were at $74.53 per barrel at 2.41am GMT, down 4 cents from their last close. US West Texas Intermediate (WTI) crude futures were at $65.75 per barrel, down 14 cents, or 0.2%, 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. “Following the US decision to toughen its sanctions on Iran … we have revised up our end-year forecast for Brent crude from $50 to $60 per barrel,” analysts at Capital Economics said in a note. US sanctions against Iran have denied its government more than $10bn in oil revenu...
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