Oil prices slip below $45

Global crude oil prices slipped below $45 a barrel in early Asian trade on Monday after the Organization of Petroleum Exporting Countries cartel decided not to cut production.

New York's main futures contract, light sweet crude for April, fell $1.91 to $44.34 a barrel.

Brent North Sea crude for delivery in April declined 38 cents to $44.71.

Some analysts had expected the OPEC to cut output during its meeting in Vienna yesterday in a bid to shore up prices, which have tumbled from historic highs after a global economic crisis weakened energy demand.

But the cartel, which pumps about 40 percent of the world's crude, decided to hold off from further cuts.