Crude oil prices slid on Wednesday, pressured by a strong U.S. dollar and high stocks of physical oil, though prices remained on track for a monthly gain of more than 10 percent. Oil prices had rallied by more than 20 percent from the beginning of August on hopes that producers were reviving talks on a possible output freeze, setting prices on course for their largest monthly gains since April. "Fundamentally, there is not a lot to support oil because the stocks are still at very high levels," he said. Yet high oil stocks could limit any quick recovery in prices. The strong U.S. currency, which makes dollar-priced commodities more expensive for holders of other currencies, was also affecting oil prices.

Source: Egypt Independent August 31, 2016 09:11 UTC