Petronas raises December Malaysian crude official selling price to US$50.66 a barrel

The official selling price of a basket of December-loading Malaysian crude oil grades has been set at US$50.66 a barrel, state oil company Petronas said in a pricing document on Monday.

The December price for flagship Labuan crude rose by US$8 a barrel from US$42.66 in November.

Petronas sets the benchmark based on the spot differentials to dated Brent for the four grades – Labuan, Miri, Kikeh and Kimanis.

The Malaysian crude benchmark mechanism was launched in January 2014 and updated to include the Kimanis crude grade from January 2017.

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