Kuala Belait - Brunei Shell Petroleum (BSP) Company Sdn Bhd cut official selling prices for the month of May, reflecting declines in global crude prices, Bloomberg Business Week reported yesterday.
BSP posted its Seria Light Export Blend retroactively for May at US$70.66 a barrel, down $15.25, or 18 per cent, from April, said an official who asked not to be identified because of company policy. The Champion grade, fixed at 15 cents below Seria Light, sold for $70.51 a barrel.
Crude oil futures in New York fell 14 per cent in May, the biggest monthly decline since December 2008 amid concern that Europe's debt crisis will slow the global economic recovery. Crude for July delivery traded at US$70.02 a barrel, down two per cent, on the New York Mercantile Exchange at 11.06am in Singapore. -- Courtesy of Borneo Bulletin
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