LONDON, Oct 12: World crude prices rebounded on Thursday but held close to a 10-month low amid uncertainty over the precise nature and timing of an Opec output cut.

The rebound came after a heavier-than-expected drop in heating fuel stocks in the United States and the closure of two Norwegian oil platforms.

New York's main contract, light sweet crude for delivery in November, rose 31 cents to $57.90 per barrel in pit trading.

In earlier electronic trade, the contract plunged to $57.22 -- which was the lowest level since December 19, 2005, and marked a 27 per cent plunge in value since striking a record high $78.40 in mid-July.

In London on Thursday, Brent North Sea crude for November delivery added 30 cents to $58.95 per barrel in electronic deals, having earlier dropped to $58.16.

The US Department of Energy said Thursday that inventories of distillates, used for heating oil and diesel fuel, tumbled 1.6 million barrels to 149.9 million in the week to October 6.

That compared with analysts’ consensus forecasts for a drop of 125,000 barrels.

Crude oil reserves surged 2.4 million barrels to 330.5 million -- much more than the rise of 1.5 million barrels expected by energy traders.

“It is refinery maintenance season, when crude stocks build and product stats start to draw (fall),” said Calyon analyst Wittner, who added that the situation was “absolutely normal”.

Reserves of US gasoline or petrol, meanwhile, crept up 300,000 barrels to 215.4 million, which compared with expectations for a fall of 450,000 barrels.

The market update from the DoE came one day later than normal owing to the Columbus Day holiday on Monday.

Crude futures began Thursday in negative territory, but cut their losses after news that Norway, the world’s third-biggest oil exporter, suspended production on two coastal oil platforms.—AFP