Malaysia's Petronas raises March crude oil OSP to 5-month high

SINGAPORE: Malaysia has raised the official selling price (OSP) of a basket of March-loading Malaysian crude oil grades to $71.52 a barrel, the highest in five months, Petronas said on Monday.

The March price for the basket of Malaysian crude oil, which includes Labuan, Miri Light, Kikeh and Kimanis Blend, increased by $2.09 a barrel from the previous month.

Petronas sets the benchmark based on spot differentials to dated Brent for the four grades.

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