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Ryanair CEO says oil is hurting

O'Leary speaks at a news conference in Brussels March 26, 2008. REUTERS/Thierry Roge

DUBLIN (Reuters) - Rising oil prices are hurting Ryanair, Chief Executive Michael O’Leary said on Wednesday, but Europe’s biggest low cost airline can still avoid making a loss with oil prices at $125 a barrel.

“With oil at $125 (a barrel) ... we certainly won’t make a lot of money,” O’Leary told reporters. “I don’t think we will lose money.”

O’Leary said the carrier had been “calling the oil market wrong” and was ready to resume hedging future fuel needs at below $100 a barrel.

“Oil is really hurting us now,” he said.

Reporting by Andras Gergely, writing Jonathan Saul

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