Two airline stocks rose by 0.79% to 4.72% at 15:15 IST on BSE aided by decline in international crude oil prices.
Jet Airways (India) (up 4.72% to Rs 267.20) and SpiceJet (up 0.79% to Rs 15.37) edged higher.
Meanwhile, the S&P BSE Sensex was up 64.73 points or 0.23% at 28,450.92
Brent crude oil futures hit four-year low amid speculation that OPEC will refrain from cutting output when ministers meet in Vienna today, 27 November 2014. Brent for January settlement was off $1.18 a barrel at $76.57 a barrel. The contract hit a low $76.28 a barrel in intraday trade, its lowest level since September 2010. Brent for January settlement had fallen 58 cents a barrel to finish at $77.75 a barrel during the previous trading session. Aviation turbine fuel (ATF) or jet fuel price is linked to international crude oil prices. Jet fuel constitutes about 40% of airlines' operating cost.
Oil ministers from the OPEC are scheduled to meet in Vienna today, 27 November 2014, to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015. OPEC, which pumps about 40% of the world's crude, has maintained its official quota at 30 million barrels a day since January 2012. Saudi Arabia's Oil Minister Ali al-Naimi said yesterday, 26 November 2014, that he expects the oil market to stabilize itself eventually, hinting he wouldn't push for a cut in OPEC's production targets.
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