Reported about 10 hours ago
Shares of Qantas Airways rose over 5% to a one-month high following a decline in oil prices due to OPEC+'s decision to increase output. This drop in oil prices, which fell over $2 a barrel, raises expectations of improved profitability for Qantas as fuel costs, a major expense for airlines, decrease. The company previously faced rising fuel costs in fiscal 2024, spending A$5.32 billion, but the recent changes are seen as positive amidst heightened competition from Virgin Australia.
Source: YAHOO