OPEC holds output as oil falls to near $53 a barrel

SINGAPORE - Oil prices fell to near $53 a barrel today in Asiaafter OPEC declined to cut production at an informal meeting inCairo on Saturday.

Light, sweet crude for January delivery was down $1.07 to $53.36a barrel, after falling to as low as $52.96, in electronic tradingon the New York Mercantile Exchange at mid-afternoon in Singapore.The contract settled down a penny at $54.43 on Friday.

Saudi Oil Minister Ali Naimi said Saturday that the Organizationof Petroleum Exporting Countries will "do what needs to be done" toshore up falling oil prices when the group meets Dec. 17 in Algeria,but for now it was "too early."

The comments came after Saudi King …