OPEC's Barkindo: Resurgence of COVID-19 infections hamper oil market recovery

OPEC Secretary-General Mohammad Barkindo noted on Monday the resurgence of infections from COVID-19 and new lockdown measures in Europe continue to hamper the global economic and oil market recovery.

"On the positive side, he said, there is progress on developing vaccines, with hopes that these could be available soon," OPEC tweeted out. "Barkindo stressed the need to remain vigilant and ready to respond to shifts in market conditions and continue to work towards sustainable oil market stability."

Market reaction

Crude oil prices largely ignored those comments and the barrel of West Texas Intermediate was last seen gaining 2.45% on the day at $41.10.