World oil prices staged a modest rally on Tuesday on market speculation that Opec cartel could announce further crude production cuts.

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, before rebounding somewhat.

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