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Benchmark crude for October delivery was down 7 cents at $71.03 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
On Tuesday, the contract gained $3.08 to settle at $71.10 as the dollar fell to a low for the year against the euro and gold prices surpassed $1,000 an ounce for the first time since February.
Some investors buy oil, gold and other commodities as a hedge against a weakening dollar and inflation.
The euro was slightly lower at $1.4476 in Asian trading while the dollar edged up to 92.48 yen.
"People are selling dollars for higher-yielding currencies, and that’s driving oil higher," said Christoffer Moltke-Leth, head of sales trading for Saxo Capital Markets in Singapore.
