OPEC's Barkindo: Oil supply surplus is already beginning in December

 OPEC Secretary General Mohammad Barkindo said on Tuesday that they have an interest to ensure that the global economic recovery continues, as reported by Reuters.

"The oil supply surplus is already beginning in December," Barkindo added and noted that they expect the oil market to be oversupplied next year. 

Market reaction

Crude oil prices showed no immediate reaction to these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $81.30, rising more than 0.5% on a daily basis.