TEMPO.CO, Jakarta - World's crude oil price increased on Friday, November 21, 2014, as OPEC’s attempt to resolve internal resistance to cut down production capacity.
The United States benchmark price of crude oil from West Texas Intermediate for January's shipment has increased by 48 cents to US$76.33 on the first day of the trade agreement. Meanwhile, Brent crude price increased by 32 cents to US$79.65 during Friday morning trade session.
The United Overseas Bank of Singapore said that oil price have leveled after experiencing a decline within the last three days due to "expectation changes" for the OPEC meeting this coming November 27, 2014.
"Nowadays, investors speculate that OPEC will agree to minimum changes or stronger commitments to control excess oil production and keeping it within the 30 million barrel quota per day," said the bank.
Despite a more than 25 percent price decline since June, OPEC plans to decrease production and prevent further declines. Venezuela and Ecuador are both open to the production decrease plan, but Saudi Arabia expresses strong disagreement towards the notion.