From Bloomberg – Malaysia’s Tapis Oil Price to Increase as London Brent Gains


Dateline 2011-08-01:

Malaysia’s official selling price for Tapis crude, a benchmark contract in the Asia-Pacific region, is set to rise for the first time in three months, reflecting a rebound in London-traded Brent futures.

The low-sulfur, or sweet, crude will be set at $123.38 a barrel for July, up 1.2 percent from June, according to a Bloomberg News calculation based on a trade formula. State-owned Petroliam Nasional Bhd., or Petronas, will announce the price today, said a company official who asked not to be identified because of internal rules.

Brent crude futures climbed 3.8 percent in July, snapping a two-month losing streak, as concern over the U.S. economybolstered the investment appeal of commodities. The contract for September settlement on the ICE Futures Europe exchange traded above $118 a barrel today.

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