From Bloomberg – Malaysia’s Tapis Crude Price to Drop as Futures End Rally


Dateline 2011-05-31:

Malaysia’s official selling price for Tapis oil, a benchmark in the Asia-Pacific region, will fall for the first time in six months, reflecting a decline in futures.

The low-sulfur crude will sell for $122.71 a barrel in May, down $4.08, or 3.2 percent, from April, according to a Bloomberg News calculation using a formula set by state-owned Petroliam Nasional Bhd. The company known as Petronas will formally announce official prices retroactively for May shipments later this week.

Brent crude futures in London are down almost 8 percent in May, set to snap an eight-month rising streak, on concernEurope’s sovereign-debt crisis will slow growth and damp fuel demand. The contract for July settlement on the ICE Futures Europe exchange today traded above $116 a barrel.

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