With oil prices on a record flight path, the global aerospace industry will be focusing on improved efficiency and developments in alternative fuels at the International Berlin Air Show this week.
Crude oil rose to a record above $135 a barrel as OPEC ministers said they could do nothing to stop a rally that may be heading to $200 a barrel.
The world's top airlines warned yesterday that soaring fuel prices were hitting profits, prompting some to increase fares, and global leader American Airlines announced thousands of job cuts to counter higher costs.
Oil's rally to a record above $135 a barrel came as traders bought crude to cover wrong-way bets that prices would decline, according to data from the New York Mercantile Exchange.
Federal Reserve policymakers signaled that an economic contraction in the first half won't be enough to spur further interest-rate cuts because of a rising threat from inflation.
Most stocks in Europe and Asia fell for a third day on concern record oil prices will curb profits at carmakers and airlines while higher inflation keeps the Federal Reserve from cutting interest rates.
Time Warner Inc, the world's largest media company, and Time Warner Cable Inc agreed on a complete separation and a $10.9 billion one-time cash dividend.
Oil prices rose above US$130 a barrel for the first time yesterday as supply concerns mounted and the dollar weakened.
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