Oil prices tumbled on Thursday due to the record US crude production. This resulted in a significant increase in the stockpiles. Benchmark Brent dipped 0.1%, to $72.09 per barrel. WTI decreased and was traded at $63.58 per barrel. The crude market is strained outside US due to the expiration of US sanction waivers against Iran, worsening political crisis of Venezuela and OPEC led supply cuts.