AAL gains a bit on oil price slide
American Airlines Group Inc. ended Friday at $14.98, gaining 2.25% as oil prices helped the stock. AAL shares moved between $14.52 and $15.02, trading 153.3 million shares, LSEG data showed. Early Monday, AAL was indicated at $15.45 in premarket, up 3.14%. Premarket trading is usually light and prices can shift before the Nasdaq opens. Oil dropped sharply Monday, giving back gains from last week as traders reacted to easing geopolitical worries. Brent crude was down over 4% at $83.68 a barrel. U.S. West Texas Intermediate slid 4.9% to $80.75. Reuters said the fall followed signals from U.S. and Iranian officials about a possible deal to halt fighting and reopen the Strait of Hormuz to shipping. Lower crude could help airlines on fuel costs, if fares and traffic remain steady. “The geopolitical risk premium that had been built into crude is now being unwound quite aggressively,” Tim Waterer, chief market analyst at KCM Trade, told Reuters.