Crude oil prices rebound on OPEC possible cut

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