Airline stocks rise as oil price falls
NEW YORK (Reuters) - Shares of major U.S. airlines rose on Tuesday as U.S. crude CLc1 fell more than $7 to around $108 a barrel after Hurricane Gustav proved less destructive than initially feared.
Major U.S. airline stocks lost most of their value over the past year as fuel prices climbed to new highs, but the shares have recently recouped some of their losses as the price of oil has retreated.
On Tuesday, shares of American Airlines parent AMR Corp (AMR.N) rose about 14 percent to $11.75. AMR shares stood at $26 last October.
Stock of United Airlines parent UAL Corp (UAUA.O) climbed about 17 percent to $13. UAL's stock price was $51.60 last October.
Shares of Continental Airlines Inc (CAL.N) rose about 15 percent to $18.68. Continental's share price was $37.79 in October.
Delta Air Lines' (DAL.N) shares rose about 16 percent to $9.45. Last November, Delta's stock price was $21.10.
(Editing by Dave Zimmerman)
