Oil prices poised to rise as OPEC talks collapse:
"OPEC talks broke down in acrimony on Wednesday without an agreement to raise output after Saudi Arabia failed to convince the oil cartel to lift production.
'We were unable to reach an agreement -- this is one of the worst meetings we have ever had,' said Ali al-Naimi, oil minister for Saudi Arabia, OPEC's biggest producer.
The failure to do a deal is a blow for consumer nations hoping the Organization of the Petroleum Exporting Countries would take action to stem fuel inflation.
It also underlines concerns about OPEC's willingness to help control prices, perhaps leaving the oil market more open to speculative attack.
'It is absolutely amazing,' said Alirio Parra, Venezuela's former OPEC president. 'This is not market leadership.
Brent crude rose $1.30 a barrel to $118.08.
The United States had put pressure on Saudi to deliver a credible deal to cap crude prices and underpin faltering economic growth.
'We have noted with disappointment that OPEC members today were unable to agree on the need to make more oil available to the market,' said the West's energy advisor the International Energy Agency.
POLITICS INTERVENE
Analysts said that while there were opposing views"
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