But the meeting failed to vote on the Libyan draft after ambassadors from the US and UK said it contained nothing about Palestinian attacks on Israel.

The draft condemned Israel's military action and called on it to cease. Earlier, Israeli PM Ehud Olmert rejected calls for a 48-hour truce to allow more humanitarian aid into Gaza. After meeting his cabinet on Dec. 31, Mr Olmert said conditions were not right for a ceasefire, but he did not rule one out in the future.

In New York, the Palestinian envoy to the UN, Rijad Mansour, demanded a binding resolution to secure an immediate truce.

The US ambassador to the UN - who as one of the permanent Security Council members can veto any resolution - said that he believed it was up to Israel and Hamas themselves to agree to a ceasefire, and that the UN should not impose one.

France's President Nicolas Sarkozy said he would visit the region in a bid to end the crisis, which has seen five days of Israeli raids and Hamas rocket fire.

In the last five days, Israeli jets and attack helicopters have hit Hamas targets, including security compounds, government buildings, smuggling tunnels under the border with Egypt and homes belonging to militant leaders.

Palestinian officials say 391 Palestinians have died in the Israeli air strikes; four Israelis have been killed by rockets fired from Gaza, which is under Hamas control.

The UN Security Council meeting on the eve of the new year was convened at the request of the Arab League. Arab League foreign ministers meeting in Cairo want a binding UN resolution to ensure an immediate ceasefire in Gaza and a lifting of the Israeli blockade of the territory.