Crude oil prices rose above 56 dollars a barrel Tuesday as OPEC is to cut supply since Feb. 1.

As of 1:25 p.m., crude prices was up 2.49 dollars, or 4.61 percent at 56.50 dollars a barrel on the New York Mercantile Exchange.

Ten members of OPEC agreed in October to cut output by 1.2 million barrels per day from Nov. 1 last year, and another 500,000 barrels from Feb. 1 this year.

However, some members of the cartel gave some conflicting signals about their plans recently.

Some sources from United Arab Emirates and Nigeria said they are going to raise product in March while Saudi Arabia, the world's biggest oil producer, announced that the kingdom had advised its customers of the impending 158,000 barrel-a-day cut, which takes effect Feb. 1.

Crude prices rebound above 55 dollars a barrel last week as cold weather hit U.S. Northeast, the world's biggest heating oil market.

Source: Xinhua