/ Aviation Stocks Decline As Crude oil Take A Jump ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 27 June 2017

Aviation stocks SpiceJet, Jet Airways and InterGlobe Aviation are down for the second straight session as some recovery was seen in crude prices.

India’s second largest airline, Jet Airways hit a low of Rs 547.65 down by nearly 2%, Spice Jet hit a low of Rs 123 down by nearly 4% and InterGlobe Aviation hit a low of Rs 1212.25 down by 2.2% on the NSE during Tuesday’s trading session.

Brent Crude, the global benchmark had gained 1% in the last two trading sessions.

Crude oil futures rose for a fourth consecutive session on Tuesday as investors covered short positions, though worries over a decaying supply surplus kept a cap on prices.

With production cuts, the Organization of the Petroleum Exporting Countries (OPEC) and its partners have been trying to reduce a global crude surplus. OPEC states and 11 other exporters agreed in May to extend cuts of 1.8 million barrels per day (bpd) until March.

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