Oil recovers from early slide

London - Oil prices recovered on Monday on bargain-hunting after sliding earlier in the day owing to a stronger dollar and record-high crude stockpiles.

Mounting expectations that the United States will next month raise interest rates for the first time in almost a decade is supporting the dollar, making commodities more expensive for holders of rival currencies.

At about 15:00, US benchmark West Texas Intermediate for delivery in January was down 42 cents at $41.89 a barrel.

WTI had slumped by more than a dollar in earlier Monday trades.

After falling also, Brent North Sea crude for January delivery rebounded to $44.73 a barrel, up 7c compared with Friday's close.

World oil prices have more than halved in the past 18 months as global production outpaces consumption.