Petronas increases June crude price factor to US$3.90/bbl

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SINGAPORE (June 7): Malaysian state oil firm Petronas has set the June price factor for Malaysian Crude Oil (MCO) at US$3.90 a barrel, up 10 US cents from the previous month, according to a company document seen by Reuters on Thursday.

The monthly price factor is added to the average of Platts' dated Brent prices published in the month to derive the Malaysian crude official selling price (OSP).

Petronas changed its OSP mechanism effective January 2017, basing its benchmark price on a basket of four Malaysian crude grades Labuan, Miri Light, Kikeh and Kimanis.