NEW YORK (CNNMoney.com) -- Wall Street looked to continue its recent rally after oil prices fell despite earlier worries about an OPEC oil production cut.

Stock futures, a predictor of where U.S. indexes will be in early trading, pointed to a slightly higher open stocks after being off in early trading.

Oil prices were were lower at about 8 a.m. after being higher in early trading. OPEC announced Saturday it would meet Thursday to discuss production cuts, which had lifted prices in early trading. But oil was unable to hold onto those early gains.

Oil analyst Peter Beutel, president of Cameron Hanover, said that he believes the selling in oil early Monday is simply traders who hold oil futures contracts at much higher prices selling in reaction to the early price rise to limit their losses.

"We see this every time there's a rally in recent weeks," he said.

U.S. light crude was down 25 cents to $58.32 a barrel in electronic trading, while Brent crude trading in London is 70 cents lower at $58.82, although both prices were off the highs of the morning.

Treasury prices were little changed in early trading, leaving the yield near the 4.80 percent level reached late Friday. The dollar was lower against the euro and the yen in early trading.

Federal Reserve Chairman Ben Bernanke is due to speak to the annual meeting of the American Bankers Association at 1:30 p.m. ET.

Stocks in Asia closed mostly higher Monday, while European stocks were higher in early trading.

In corporate news, UnitedHealth Group (Charts) Chairman and CEO William McGuire resigned from the company early Monday after an investigation found that many of the stock options grants made over the past 12 years were likely backdated.

No. 1 chipmaker Intel (Charts) executives forecast a strong fourth quarter for notebook computers at a developers' forum hosted by Intel in Taipei.

Oshkosh Truck (Charts) said it will acquire JLG Industries (Charts) for about $3 billion in cash, a 34 percent premium for the company based on Friday's closing price, the Wall Street Journal reported.

More news and information on markets ahead of the U.S. open.