In large bowl, combine flour, sugar, orange peel, baking powder, baking soda and salt. In small bowl, beat egg, water and oil; stir into dry ingredients just until moistened. Fold in the cranberries. Pour into greased and floured 9 x 5 x 3 inch loaf pan. Cut apricots in the preserves into small pieces; spoon preserves over batter. Cut through batter with a knife to swirl.
Bake at 350 for 65-70 minutes or until a toothpick comes out clean. Cool for 10 minutes; remove bread from pan to wire rack.