Australian airlines rally as oil drops below $100, quelling fuel cost worries
Thu 03:55
BUZZ-Australian airlines rally as oil drops below $100, quelling fuel cost worries ** Australian airline shares surge more than 6% to hit multi-week peaks
** Oil prices fall for fourth straight day, dipping below $100 a barrel
** Prices slump on expectations that the losses US President Trump's Republican Party suffered in midterm elections this week may reduce the risk of further escalation of the Middle East conflict O/R
** Oil prices form a significant chunk of expenses for airlines as fuel costs
** Flag carrier Qantas Airways QAN.AX advances as much as 6% to A$9.435, their highest since September 4
** Rival Virgin Australia VGN.AX rallies as much as 9.3% to A$2.83, highest since October 9
** YTD, Qantas and Virgin down 9.2% and 19.4%, respectively
(Reporting by Nikita Maria Jino in Bengaluru)
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Australia's Qantas lifts first-half fuel cost forecast, sees prices staying high (updated)