Crude prices above $60/bl on OPEC cut

 Nymex crude rose 18 cents to $59.59 per barrel in early deals, and London Brent was up 10 cents at $59.32 per barrel.

 Updated at 1215 hrs: Crude oil prices rebounded in Asian trades today, coming off near 8-month lows, amidst reports that OPEC members are ready to cut production in a bid to support the market, dealers said.

New York's main contract, light sweet crude for November delivery, was up 77 cents at $60.18 per barrel in late morning deals from $59.41 in late US trades yesterday. The contract, at one point, had plunged to $57.70 in US trades, a level not seen since February 16.

Brent North Sea crude climbed 63 cents to $59.85. It had sunk in London to $57.70 - an intra-day low last seen on December 30, 2005.