Petronas Raises Crude Price Factor
Malaysian state oil firm Petronas has set the price factor for Malaysian Crude Oil (MCO) for November at $5.00 per barrel, up $0.65 from the previous month, the company said on Monday.
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.
(Reporting by Florence Tan; Editing by Joseph Radford)