OPEC holds back supply, crude oil prices spike

Crude prices soared to the highest level since January as the 23 nation coalition of oil producers OPEC decided to hold back on increasing supplies. 

Markets were anticipating an increase in oil supplies but OPEC de-facto chief Saudi Arabia is going to extend its one million barrels per day voluntary production cut into April.

This spells bad news for India as petrol prices continue to hit record high across the nation.