NEW YORK (TheStreet) -- Shares of JetBlue Airways Corp. (JBLU) are gaining 2.83% to $15.47 in late morning trading Wednesday, as oil prices continue to fall following the decision by the Organization of the Petroleum Exporting Countries to cut its forecast for global demand for its oil in 2015.
OPEC forecast demand for its oil to decline to 28.9 million barrels a day next year, down from 29.4 million barrels a day in 2014.
Brent crude prices are down by 2.48% to $65.18 per barrel today. Prices have not been lower than $65 since September 2009, Bloomberg noted.
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Yesterday, the U.S. Energy Information Administration lowered its forecast for international oil consumption in 2015 to 92.32 million barrels a day, lower than its previous estimate of 92.5 million barrels a day.
Separately, TheStreet Ratings team rates JETBLUE AIRWAYS CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate JETBLUE AIRWAYS CORP (JBLU) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and attractive valuation levels. We feel these strengths outweigh the fact that the company shows low profit margins."