Members of the Organization of Petroleum Exporting Countries did not reach a new agreement on oil production quotas at Wednesday's meeting in Vienna.

Oil prices rebounded in New York and London after the news. Oil prices had been declining in anticipation that OPEC members might work out a deal to boost production. The OPEC nations pump about 40 percent of the world's oil, and the organization's quotas officially limited members to producing a bit less than 25 million barrels a day.

Some OPEC members have said the international energy markets are well-supplied with oil, and blame high prices on “speculation” rather than tight supplies.

Other OPEC members have expressed concern that high oil prices might spark “demand destruction,” which could hurt oil producers if high prices prompt customers to sharply conserve energy or switch to alternative sources of fuel.