9 June 2011 Last updated at 02:18 GMT
+Saudi Arabia urged the cartel to agree to increase production
The price of oil jumped after the Opec oil cartel failed to agree on increasing oil production as a way of lowering prices.
Analysts had expected the Vienna meeting to raise output to alleviate fears of limited supply, but instead it ended in disarray.
Meanwhile, the latest statistics from BPshowed that oil consumption rose by its fastest rate since 2004 last year.
On Thursday Brent crude rose 30 cents to $118.15 a barrel in Asian trade.
US light sweet crude was up 71 cents to $101.45 per barrel.
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