Crude oil prices rose slightly Tuesday on the eve of energy stockpiles report, after forecasts for bitter cold weather conditions across northeastern United States this week.

New York's main oil futures contract, light sweet crude for delivery in March, rose 14 cents to close with 58.88 dollars a barrel.

In London, the price of Brent North Sea crude for March delivery gained 32 cents to settle with 58.42 dollars a barrel.

The Energy Department will release its energy stockpiles during last week on Wednesday.

The U.S. distillate stocks are expected to fall due to stronger demand in cold weather. Forecasters said the coldest weather of the season could spread across the U.S. Northeast this week.

Crude prices fell below 50 dollars a barrel on Jan. 18 in New York, hitting their lowest levels since May 2005 due to a sharp increase in U.S. crude stocks and an unusual warm weather. However the prices have rebounded since last week as cold weather hit the U.S. Northeast, the biggest heating oil market in the world, spurring demand for heating fuel.

OPEC has vowed to reduce supply by half a million barrels per day from Feb. 1 following a 1.2 million-barrel-per day cut since November.

Source: Xinhua