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NEW YORK - Oil prices fell Monday as an OPEC official said the cartel may increase production and a private energy shipment tracker's estimate suggested OPEC supplies are already growing, alleviating concerns about tight supplies."I would not exclude the possibility of increasing production if the market wants it," said Chakib Khelil, Algeria's oil minister, who takes over as president of the Organization of Petroleum Exporting Countries on Jan. 1.Khelil, who spoke to reporters at a Mediterranean energy conference in Cyprus, also said current oil supplies are sufficient.Data released by oil tanker-tracker Petrologistics shows OPEC oil imports have already risen by about 400,000 barrels a day, analysts said.As the oil supply picture is improving, concerns about demand are rising. Analysts said Friday's government report that consumer inflation jumped in November by the largest amount in more than two years continues to weigh on markets."Worries about economic growth have re-emerged," said Addison Armstrong, director of exchange traded markets at TFS Energy Futures LLC in Stamford, Conn.Light sweet crude for January delivery fell 81 cents to $90.46 a barrel on the New York Mercantile Exchange.At the pump, meanwhile, gas prices fell 0.2 cent overnight to a national average of $2.996 a gallon, according to AAA and the Oil Price Information Service. Gas prices have mostly fallen since peaking above $3.11 a gallon as oil was approaching $100 a barrel in mid-November.While oil prices rose slightly last week, they remain nearly $10 below November's record highs. Many analysts believe the market's sentiment has changed from bullish to negative amid a number of reports that demand and economic growth are weakening as oil supplies are growing.Buttressing that view was the fact the oil prices were lower Monday despite two weekend developments that, several weeks ago, would have sent prices sharply higher: Word that Turkish forces attacked Kurdish rebel positions inside Iraq and a declaration of war of sorts by Nigerian rebels on the oil-rich African nation's oil infrastructure."Those are bullish stories that are failing to stimulate buying," which should be taken as a sign that the oil market is weak, said Tim Evans, an analyst at Citigroup Inc. in New York.Contributing to that weakness is the dollar, which has stabilized against other currencies in recent days. Oil prices have risen this fall partly due to speculative buying by investors who see crude futures as a hedge against the dollar, which has weakened this year. Also, oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is falling.Other energy futures were mixed Monday. Gasoline futures for January delivery fell 0.5 cent to $2.3367 a gallon on the Nymex while January heating oil fell 0.14 cent to $2.6065 a gallon. January natural gas rose 3.9 cents to $7.064 per 1,000 cubic feet.In London, Brent crude fell 35 cents to $91.34 a barrel on the ICE Futures exchange.As in the days of Noah....
