Malaysia raises oil price

Malaysia raises oil price

SINGAPORE (Reuter): Malaysian state oil company Petronas has
hiked its February lifting Tapis crude oil price by 16 cents to
US$21.05 per barrel against $20.89 in January, traders said.

Current fixed differentials against Tapis for other Malaysian
grades Labuan and Miri are unchanged, with Labuan 10 cents above
Tapis, Miri 10 cents below Tapis and Bintulu 30 cents below
Tapis.

For March, Petronas set a premium of 85 cents per barrel for
term crude oil sales against 80 cents for February.

Petronas discounted the price of February Dulang by one cent
per barrel to $20.29 against $20.30 previously.

From last July, Petronas set a new price formula for Tapis
using quotes on a weighting of 50 percent APPI and 50 percent
Platt's and an adjustment to be determined by Petronas.