Oil markets were also supported by easing concerns over a prolonged trade spat between the United States and China after Chinese President Xi Jinping on Tuesday gave a speech with a conciliatory tone.
At 1030 GMT, June ICE Brent crude futures were trading at $71.59/b, down 44 cents from Tuesday's settlement, after hitting its highest since November 2014 earlier in the morning.
However, soaring US crude production, which has increased by a quarter since mid-2016 to 10.46 million barrels per day (bpd), is undermining OPEC's efforts to tighten the oversupply and prop up prices.
The records came despite government data showing USA crude stockpiles rose unexpectedly and American crude production continued to hit new highs. Brent crude oil, the global benchmark, was trading at $72.30.More news: Wells Fargo Warns of Possible $1B Settlement
SINGAPORE, April 12 (Reuters) - Oil markets remained tense on Thursday on concerns over a military escalation in Syria, although prices remained some way off Wednesday's highest since late 2014 as bulging American supplies weighed.
Oil had already started off Tuesday with big gains as the U.S. closed in on a decision on whether to launch a strike on Syria in response to an alleged gas attack.
In US equity markets, the Dow Jones felt the pinch of the tensions falling 0.9% to 24,189 points on Wednesday while the S&P 500 also dropped 0.6% to 2,642 points.
Last night, U.S. stockpile data from the Energy Information Administration (EIA) sent oil markets into increased volatility.More news: Daughter of poisoned spy in Britain turns down Russian help
In its monthly short-term energy outlook, the agency forecast that US crude oil output will rise by 750,000 barrels per day (bpd) to 11.44 million bpd next year.
OPEC's main objective for the cuts is to eliminate a global surplus in oil stocks and rebalance the market.
On the New York Mercantile Exchange, May West Texas Intermediate crude CLK8, +1.29% rose $1.36, or 2.2%, to settle at $63.42 a barrel.
That's despite expanding US production and a bigger-than-expected rise in domestic crude supplies. OPEC production fell in March to an 11-month low of 32.14 million barrels a day, down 250,000 barrels a day from February, led by output declines in Venezuela and Angola, according to a survey from S&P Global Platts released Friday.More news: Pompeo: US airstrikes in February killed 'a couple hundred Russians'