Crude oil prices fell to almost $72 a barrel as the dollar rose compared with the euro, offsetting a sharp drop in crude and distillate stockpiles.
For January delivery, crude declined by 25¢ to $72.41 a barrel at 6:30am GMT after reaching a record high of $73.13 per barrel earlier.
London Brent crude fell by 13¢ to $74.16 a barrel, according to Reuters.
After a nine-day losing streak, prices of crude had increased consecutively for three days due to a rise in oil inventories and low fuel demand.
The US Energy Information Administration's report said that crude inventories had fallen by 3.7 million barrels last week, which eclipsed more modest forecasts.