Crude oil fell on Wednesday after a government report showed that U.S. fuel stockpiles rose last week, erasing earlier gains when the Organization of Petroleum Exporting Countries agreed not to boost oil production.

Crude oil futures for January delivery trading on the New York Mercantile Exchange fell by 83 cents to $87.49 at 2:52 p.m. earlier, the price of oil peaked at $90.39.

Supplies of distillate fuel rose by 1.43 million barrels to 132.9 million barrels last week. Gasoline inventories rose 3.99 million barrels to 200.6 million. Meanwhile, crude oil inventories fell 8 million barrels to 305.2 million barrels.

Earlier, the OPEC cartel decided that the oil market was already well supplied.

Our position is that demand and supply are balanced and there is no need to increase oil to the market, Iranian Oil Minister Gholamhossein Nozari, said according to Reuters.

OPEC will gather again in February 1. in Vienna to evaluate today's decision, it said in a statement.