Crude oil prices rebounded as reports said OPEC is planning to make further cuts.

According to Dow Jones Newswires, OPEC is discussing whether to hold an emergency meeting Jan. 20-21 and make an additional 500, 000 barrel-a-day cut to the previously announced 500,000 barrel-a- day cut set to begin Feb. 1.

After reaching a new 19-month trading low of 51.56 dollars earlier in the day, the main contract, sweet crude on New York Mercantile Exchange rose 1.11 dollars to 52.99 dollars a barrel.

Brent crude on London's ICE Futures exchange rose 1.25 dollars to at 52.95 a barrel.

Crude prices at the New York market have lost almost 6 percent this week and around 13 percent since the beginning of 2007, due to the historically warm winter in the Northeast United States and the rest of the world.

Source: Xinhua