New York's main contract, light sweet crude for delivery in December, fell 39 cents to $88.32 a barrel in the afternoon and Brent North Sea crude for December delivery shed 51 cents to $110.56.

Crude traders were engaging in "some profit-taking after the highs yesterday," said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.

"US oil futures surged ahead quite a bit (Tuesday) ... and so we see some pullback this morning," he told AFP.

Shum added that crude markets had "reacted neutrally" to news of Obama's re-election.

Obama won his second election against Republican challenger Mitt Romney despite a slow economic recovery and the high unemployment that has haunted his first term.