NEW YORK, Jan. 31 (Xinhua) -- Crude oil prices climbed above 58 dollars a barrel on Wednesday on lower U.S. heating oil inventories.

    Crude oil for March delivery rose 1.17 dollars to 58.14 a barrel at New York market while Brent crude oil for March increased 1.01 dollars to 57.40 a barrel in London.

    U.S. heating oil stocks fell last week by 2.6 million barrels, the first decline in seven weeks as cold weather hit the U.S. Northeast, the biggest heating oil market in the world, according to the U.S. Energy Information Administration.

    Crude supplies, meanwhile, rose 2.7 million barrels, more than double expectations and gasoline supplies also jumped a larger-than-expected 3.8 million barrels.

    Crude oil prices jumped more than 5 percent on Tuesday as OPEC is to cut supply.

    OPEC was set to reduce output by 500,000 barrels per day from Feb. 1 after a 1.2 million barrel a per day cut from November.