Airlines expect loss on rising oil.(Business)

Byline: Associated Press

GENEVA - The airline industry will lose $2.3 billion this year because of hikes in oil prices, the world airlines group said Monday, revising its earlier forecast of a collective industry profit.

The loss forecast by the International Air Transport Association, which represents more than 240 airlines around the world, con trasted with a projected profit of $4.5 billion announced in March.

It was the second time IATA has lowered its forecast this year.

The forecast uses a consensus oil price of $106.50 per …