Closing Glance: Airline shares fall as oil price spikes

NEW YORK—Airline shares tumbled Monday after oil prices set a new closing high.

Light, sweet crude for June delivery rose to a new trading record of $120.36 a barrel on the New York Mercantile Exchange, before settling up $3.65 at a record $119.97.

Airline stocks often move opposite crude futures because fuel represents one of the industry's biggest costs.

Here's a look at how some stocks in the sector fared:

American Airlines parent AMR Corp., down 36 cents, or 3.8 percent, to $9.02

Delta Air Lines Inc., down 39 cents, or 4.6 percent, to $8.11

Southwest Airlines Co., down 5 cents to $13.40

United Airlines parent UAL Corp., down 89 cents, or 5.6 percent, to $15.

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