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 OPEC’s continued curbs on supply. Brent crude futures were at $74.53 per barrel at 0241 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 percent, from their previous settlement. Crude futures rose to 2019 highs earlier in the week after the United States 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 $10 billion in oil revenue since President Donald Trump first announced the move last May, a US official said on Thursday during a media call. “Before sanctions … Iran generated as much as $50 billion annually in oil revenue. We estimate that our sanctions have already denied the regime more than $10 billion since May (2018),” said Brian Hook, US Special Representative for Iran and Senior Policy Adviser to the Secretary of State. The US decision try and bring down Iran oil exports to zero comes amid supply cuts led by producer Organization of the Petroleum Exporting Countries since the start of the year aimed at propping up prices.