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Australian airlines rally as oil drops below $100, quelling fuel cost worries

By Reuters News

** Australian airline shares surge more than 6% to hit multi-week peaks

** Oil prices fall for fourth straight day, dipping below $100 a barrel

** Prices slump on expectations that the losses US President Trump's Republican Party suffered in midterm elections this week may reduce the risk of further escalation of the Middle East conflict O/R

** Oil prices form a significant chunk of expenses for airlines as fuel costs

** Flag carrier Qantas Airways QAN.AX advances as much as 6% to A$9.435, their highest since September 4

** Rival Virgin Australia VGN.AX rallies as much as 9.3% to A$2.83, highest since October 9

** YTD, Qantas and Virgin down 9.2% and 19.4%, respectively

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