Shares of U.S.-traded airlines based in Latin America gained sharply on Thursday as the price of oil eased on the New York Mercantile Exchange.
A jump in the dollar's value against the euro and the end of an oil workers' strike in Nigeria tugged crude prices lower Thursday, as light sweet crude for June delivery fell $1.64 to $111.82 a barrel after dropping as low as $110.30.
ADRs of Latin American airlines traded higher following the news. Shares of air carriers often trade opposite the price of oil because fuel represents one of the industry's biggest costs.
Brazil's Gol Linhas Aereas Inteligentes SA gained $1.07, or 6.6 percent, to $17.33.
Tam SA, also based in Brazil, added $1.12, or 4.7 percent, to $24.71.
Brazilian aircraft manufacturer Embraer SA grew $1.06, or 2.5 percent, to $42.74.
Chile's Lan Airlines SA was down 5 cents to $13.26, bucking the trend.
The Bank of New York Latin American ADR Index added 4.71 points to 464. The broader composite ADR index climbed 1.21 points to 183.17. ADRs, or American Depositary Receipts, are securities that allow foreign companies to trade on U.S. markets.
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