Airline Stocks Fly On Opening Of Strategic Oil Reserves
This morning, the International Energy Agency (IEA) announced that its 28 member countries have agreed to release 60 million barrels of oil in the coming month. This action is causing WTI oil to plummet lower by $5.00 to $90.46 a barrel. While oil and almost every energy stock is deflating lower this morning, there is one sector which is flying higher, the airline sector.
All of the major airline stocks are rallying higher this morning. Leading airline stocks such as United Continental Holdings Inc.(NYSE:UAL), AMR Corp.(NYSE:AMR), Delta Air Lines Inc.(NYSE:DAL), and Southwest Airlines Co.(NYSE:LUV) are all trading sharply higher. Traders should follow the price of crude as the airline stocks will often trade inverse to oil.