Petronas sets July crude price factor at US$6.10/bbl

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SINGAPORE (June 27): Petronas has set the price factor for Malaysian Crude Oil (MCO) for July at US$6.10 per barrel, up 35 cents from the previous month, the Malaysian state oil firm said on Thursday.

The July price factor is the highest since September 2014, according to Reuters data.

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.