Investing.com-- Shares of Chinese airlines advanced on Tuesday, buoyed by a significant rebound in domestic travel during the Labor Day holiday and a decline in global oil prices following OPEC+’s decision to increase output.

A Global Times report stated that travel service provider Trip.com reported a 130% year-on-year increase in domestic air passenger traffic during the five-day holiday, reflecting a robust recovery in China’s aviation sector.

Concurrently, oil prices fell to four-year lows after OPEC+ announced a second consecutive monthly production increase, adding 411,000 barrels per day in June.

The combination of increased travel demand and lower fuel costs positively impacted airline stocks.

Among the notable movers, Shanghai-listed China Southern Airlines (SS: 600029 ) shares rose 4.3% to 5.85 yuan as of 05:18 GMT.

Hong Kong-listed Air China (HK: 0753 ) shares jumped nearly 7% to HK$4.97.

HK-listed China Eastern Airlines (HK: 0670 ) stock jumped 7.3%.