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    VGN — Virgin Australia Holdings News Story

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    Australian airlines rally as oil drops below $100, quelling fuel cost worries

    Picture of Virgin Australia Holdings logoVirgin Australia Holdings
    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)
     ((Nikita.Jino@thomsonreuters.com;))

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