Oil prices fell below $72 a barrel today in its third straight session of losses.

For July delivery, US crude dropped 60¢ to $71.98 a barrel at 06.48 GMT, while ICE Brent lost 52¢ to $72.19, reports to Reuters.

US crude oil inventories were forecasted to have slipped by 200,000 barrels last week as refineries increased crude processing and imports eased, a Reuters survey of analysts showed.