Oil falls below $69 on recovery concerns

VIENNA: Oil prices fell below $69 a barrel yesterday after a selloff in world stock markets cast doubts on the speed with which global demand for energy might recover.

Comments by Kuwait's oil minister expressing satisfaction with present prices also appeared to keep the market in check. With an OPEC meeting coming up next month, the comments strengthened expectations that the Organization of the Petroleum Exporting Countries would not cut output.

Benchmark crude for September delivery was down 44 cents to $68.75 a barrel by noon in European electronic trading on the New York Mercantile Exchange. On Tuesday, the contract gained $2.44 to settle at $69.19.