Crude oil prices edge above $59/bl

Crude oil prices staged a modest rally today on speculation that the OPEC cartel could announce further crude production cuts, dealers said.

New York's main contract, light sweet crude for delivery in January, gained 33 cents to $59.13 per barrel in electronic deals before the official opening of the US market.

The price of New York crude had plunged last Friday to $54.86 - the lowest level since June 14, 2005.

In London, Brent North Sea crude for January delivery added 34 cents to USD 59.32 per barrel in electronic trading.