Oil prices went back above 100 after OPEC talks broke down without an agreement to raise output.

Secretary General Abdullah El-Badri said Unfortunately we are unable to reach a consensus to reduce or raise production.

The meeting took place in Vienna. 

Iran, Venezuela and Algeria refused to consider a production increase, a delegate in Vienna told CNBC.  Saudi Arabia already plans to increase production, according to reports yesterday.

Saudi oil minister Ali Al-Naimi told Bloomberg TV that this was one of the worst OPEC meetings he's ever seen.

The next OPEC meeting is scheduled for Dec. 14-15 in Vienna.

The following is a chart of Oil after the reaction:

Source: FXCM

USD/CAD saw a 40 pip drop on the news as the Canadian currency is heavily correlated with oil, higher oil prices stronger Canadian dollar.


Source: FXCM