Airline shares slip as oil costs go up

Daniel Acker/Bloomberg News
Oil prices rose further yesterday, up $2.65 to $106.25 per barrel in New York. That’s the highest price since May 4.

Airlines stocks fell as fuel prices rose. United Continental Holdings, the world’s biggest airline, fell 9.1 percent. Delta Air Lines lost 78 cents, or 7.2 percent, to close at $10.05. And US Airways Group saw the biggest decline percentage wise, closing down $1.01, or 11.35 percent, at $7.89. Jet fuel is the single biggest expense for most airlines. As of last week the price had risen 12 percent over the past year.