Nymex crude price at $58/bl in Asian trades

Oil prices rose in Asian trades today as the market anticipated the outcome of the OPEC meeting later in the day on cutting output, dealers said.

New York's main contract, light sweet crude for November delivery, gained 35 cents to $58.00 per barrel from $57.65 in late US trades yesterday.

Brent north sea crude for December delivery rose 24 cents to $59.82.

OPEC members, excluding Iraq, are currently producing less crude oil than authorised under their quotas with actual output estimated at between 27.5-27.8 million bpd.