Crude futures settled sharply lower Thursday, with energy markets awaiting the next moves from OPEC as U.S. waivers on Iran oil sanctions expire, and as a jump in domestic supplies and record U.S. crude production continued to weigh on prices.

U.S. prices fell Wednesday and remained lower Thursday after a U.S. government report revealed a nearly 10 million-barrel rise in domestic crude supplies — the biggest weekly climb of the year so far. It also revealed that weekly U.S. crude production edged up by 100,000 barrels to a record 12.3 million barrels a day.