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Delta Air Lines (DAL) Closes Higher as Oil Prices Tumble on Iran Production Concerns

NEW YORK (TheStreet) -- Delta Air Lines (DAL - Get Report) shares closed Monday's trading session up 2.34% to $50.27 as oil prices dropped on worries about Iran increasing output and on China's economic outlook.

Iran is projected to grow production by 500,000 barrels a day, according to the country's oil minister.

In addition, many are even more worried that China's economy is slowing down, sparked by China's economic data that its economy grew 6.9% in the third quarter, the Wall Street Journal reports.

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Crude oil (WTI) is slumping 2.48% to $46.09 per barrel and Brent crude is tumbling 3.27% to $48.81 per barrel, according to the index.

However, dropping oil prices are good for airline carriers, since it saves them billions of dollars in fuel bills, the Journal noted.

Separately, TheStreet Ratings team rates DELTA AIR LINES INC as a Buy with a ratings score of A+...