Crude oil for January delivery finished down 67 cents, or 0.9%, to
$69.87 a barrel on the New York Mercantile Exchange after a
stronger-than-expected retail-sales report and consumer sentiment data
boosted the dollar and weighed on commodities that are priced in the
U.S. currency.

This is good news for already high flying airlines stocks. Jet Airways is best looking in current setting , as Air India and India Airliens gets in trouble  passenger traffic at Jet Airways is going to get better. High fuel prices has been causing problems for airliners and low crude definitely can help boost the profitability.

The bigger question is , is it a short term phenomenon or Airlines stock can he held for longer term. I personally think Airlines will have better days for medium term, low cost carriers like Deccan and KF already know that they can not make money on low cost. It won't be easy to fund new airlines and create copetition . If you are looking for medium term 1-3 years perspective airlines is a good sector.

Take care when investing in highly extended stock , Jet has gone from Rs 300 to 550 in matter of 50 days.