The decline came amid expectations that a fuel report due today will show U.S. crude and gasoline stocks rose last week.
Still, prices remained supported by concerns a Turkish incursion into Iraq in search of Kurdish rebels could disrupt crude supplies.
Light, sweet crude for November delivery dropped 19 cents to $87.42 a barrel by noon in Europe in electronic trading on the New York Mercantile Exchange. The contract rose $1.48 to close at a record $87.61 a barrel Tuesday in the U.S. after rising as high as $88.20, a trading record.
Oil prices have also been driven higher by recent reports from the U.S. Energy Department, the International Energy Agency and OPEC suggesting oil supplies are flat or falling as demand is growing.