Oil is little changed, as traders eye OPEC meeting

Crude-oil futures traded little changed near $45 a barrel early Monday, after ending at their highest level in five weeks in the previous session.

Crude for April delivery was last down 7 cents, or 0.1%, to $45.45 a barrel in North American early morning electronic trading.

Earlier Monday, oil prices hit an intraday high of $47.03.

"Crude-oil prices may be dictated by noise of further production cuts from OPEC nations this week, ahead of the meeting at the weekend, which might push oil prices toward $50 per barrel," said Nimit Khamar, an analyst at Sucden Financial Research.

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- Posted: 2009-03-09 08:20:25

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