Oil prices will see a hike as a result of failure of OPEC meeting to increase production of crude.

Oil prices reaches above $101 per barrel on Thursday in Asian markets after OPECleaders meeting failed to make any changes in production quotas. Leaders of OPEC surprised the world markets by their descision of not making any change in the production rate of crude oil,at their meetingin vienna. Experts were expecting an increase of at least 1 million barrels per day in crude oil production.The