[Arragonis]

Looks like oil may go up again.

Oil prices have jumped by more than $1 a barrel after a meeting of Opec collapsed in acrimony without a deal to aid the struggling world economy by pumping more crude.

Saudi oil minister Ali al-Naimi called the gathering "one of the worst meetings we have ever had," after the Saudis' proposal to increase production quotas by about 1.5m barrels a day was blocked by six of the group's 12 members, including Iraq and Venezuela.

Several countries argued that they are using their tax revenues to cushion their populations against the rocketing cost of other commodities such as food and cannot afford for oil prices to fall.

Opec is not due to meet again for another three months, and some analysts said the angry divergence of views could mark the beginning of the end for the cartel.