US airline stocks ascend as oil prices extend recent tumble

Shares of U.S. airlines rise amid broader market weakness early Mon as oil prices extend recent slump

Brent crude futures LCOc1 down 2.3% to $59.86 and U.S. West Texas Intermediate crude CLc1 off 2.6% to $56.80 by 10:34 am ET after OPEC+ decided over the weekend to accelerate oil output hikes

Last week, Brent and WTI shed 8.3% and 7.5%, respectively, on concerns of rising supply after Saudi Arabia signaled it could cope with a prolonged lower price environment O/R

Shares of United Airlines UAL.O up 3% on the session. On Apr 16, UAL said it expected to achieve its full-yr adj profit forecast if demand remained stable and fuel prices stayed at then current levels, despite economic uncertainty stemming from a global trade war

Delta Air Lines DAL.N up >3%, American Airlines AAL.O up 3%, Southwest Airlines LUV.N up 1%, Alaska Air ALK.N up 4% on Mon

In Mar, airlines said bookings for premium and long-haul international travel were still holding up, adding that falling fuel prices would help mitigate slowing demand

S&P 1500 airlines index .SPCOMALI up 2.7% on the session, trimming YTD loss to ~22%