Moneycontrol
Last Updated : Nov 09, 2018 10:27 AM IST | Source: Moneycontrol.com

Jet Airways, SpiceJet & IndiGo surge 1-4 percent as crude oil falls 20% since October

A falling crude implies better profitability for airlines as input costs get lowered.

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Shares of Jet Airways, SpiceJet and InterGlobe Aviation are up 1-4 percent on Friday morning as investors bet on these stocks due to a fall in crude oil prices.

A falling crude implies better profitability for airlines as input costs get lowered.

Oil markets on Friday remained weak as rising supply and concerns of an economic slowdown pressured prices, with US crude now down by 20 percent since early October.

US West Texas Intermediate (WTI) crude oil futures were at $61.63 per barrel at 0125 GMT, down 4 cents from their last settlement.

Front-month Brent crude oil futures were at $70.79 a barrel, 14 cents above their last close

However, both Brent and WTI have declined by around 20 percent from four-year highs in early October.

“Oil prices continue to decline and are now officially in a bear market, having declined 20 percent from their (October) peak,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.
First Published on Nov 9, 2018 10:27 am
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