Azeri Light crude tumbles

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased by $ 0.09 (-0.19%), settling at $ 48.28 per barrel, Report informs.

The price rally of the last few days pushed oil prices to seven-month highs, mainly on the back of positive Covid-19 vaccine news that promises to hoist oil demand. Traders remain hopeful that several vaccine manufacturers' strong efficacy will quickly increase oil demand, which has slumped since March due to the slump inactivity due to lockdowns throughout the world.

Along with the rise in WTI and Brent prices, oil stocks received a similar boost. The U.S. .o.il majors Exxon and Chevron both received a bump as the price of WTI rose. Shares in Exxon rose from sub-$37 to near $42 in just a matter of days. But the price rally here started to show signs of fatigue into Thursday.

Chevron's (CVX) share prices, too, enjoyed a boost, from just below $86 to near $95 by Wednesday. Thursday brought a similar fate to the U.S. major, as prices sagged back to near $92.

On Thursday at 8:14 a.m. EDT, the price of WTI slumped to $45.08. down 1.38% on the day. Brent crude fell 1.44% to $47.91 on the day. Both benchmarks remain up on the week.