Oil prices fell below $72 as the US dollar was boosted by forecasts of a consecutive weekly fall in US inventories.

US crude for August fell 24¢ to stand at $71.74 a barrel by 07.06 GMT after increasing by 40¢ to $72.38 a barrel earlier, while ICE Brent for August fell 25¢ to $71.20, according to Reuters.

Petrol stocks were forecast to fall 300,000 barrels while supplies of distillates, including heating oil and diesel, grew by 1.5 million barrels.