Oil was traded near a one year low yesterday, as the front month Brent contract hit an intraday low of USD 58.52, before settling at 59.21 (-0.47). The corresponding contract at Nymex fell 52 cents to 58.81. Opec announced last week that it will cut production by 1.2 million barrels a day, and there is also talk of another 500,000 barrel reduction in December. However, traders doubt the...