Oil falls below $69

Oil prices fell below $69 a barrel in Asia amid signs OPEC won't cut crude output when it meets next week.

Benchmark crude for January delivery was down 55 cents to $69.32 at midday Singapore time in electronic trading on the New York Mercantile

Exchange after falling as low at $68.59. On Friday, the contract gave up 67 cents to settle at $69.87.

Kuwait's oil minister Sheik Ahmed al-Abdullah al-Sabah told state news agency KUNA on Sunday that the 12-member Organization of the Petroleum Exporting Countries probably won't change its production levels at its next meeting in Angola on Dec. 22.

Oil prices have slid from $82 in October on investor concern crude demand in the U.S. isn't rebounding despite an overall economic recovery.

Recent strength in the dollar is also helping to push crude prices down. Investors often buy crude as a hedge against inflation if the dollar weakens, and sell when the dollar is stronger.

In London, Brent crude for January delivery dropped 18 cents to $71.70 on the ICE Futures exchange.