Airlines pressured on oil rebound
NEW YORK (MarketWatch) — A snapback in oil prices Wednesday was putting pressure on shares for major carriers while United Airline pilots voiced criticism over the carrier’s contemplated merger with U.S. Airways. The Amex Airline Index lost a fraction at last check to 22.84 points with eight of its 14 components trading down. Crude for June delivery rose $1.01 to $116.64 a barrel in electronic trading on the New York Mercantile Exchange after selling off Tuesday. Late Tuesday, pilots from UAL Corp.’s United said a merger with U.S. Airways would be “extremely negative,” raising new concerns that the Delta and Northwest deal will be the extent of industry consolidation.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
