* Oil falls 6 percent, Exxon Mobile tumbles
* Airline shares rally on drop in crude prices
* Indexes could notch sixth straight weekly advance
* Dow up 0.2 pct, S&P 500 down 0.2 pct, Nasdaq up 0.1 pct (Updates to mid-morning trading)
By Ryan Vlastelica
NEW YORK, Nov 28 (Reuters) - U.S. energy shares saw heavy pressure on Friday as crude oil tumbled to a multi-year low, though consumer stocks lifted broader indexes in a quiet, holiday-shortened session.
The market’s recent upward bias continued despite the energy weakness, and major indexes are on track for their sixth straight weekly advance. However, there was heavy volatility in areas connected to the price of oil. Crude plunged 6.5 percent to $69.38 per barrel a day after OPEC decided not to cut output, which could leave markets oversupplied.
The decline was the biggest one-day drop since May 2011, with prices lowest since 2010.
“Crude seems to have no floor right now, and we could easily see the price drop into the low $60s,” said Tony Roth, chief investment officer at Wilmington Trust in Wilmington, Delaware.
The Energy Select Sector SPDR exchange-traded fund fell 5.5 percent to $80.59. Exxon Mobil Corp lost 3 percent to $91.69 while Chevron Corp fell 4.9 percent to $109.47; both are Dow components.
Weakness in oil boosted other sectors, including airlines, which are inversely correlated to oil prices given fuel costs. Southwest Airlines rose 7 percent to $42.05 as the S&P 500’s biggest percentage gainer, followed by Delta Air Lines , up 6 percent to $46.90.
Retailers also rallied, as lower gas prices could increase consumer spending as the holiday shopping season ramps up. Wal-Mart Stores Inc rose 3.1 percent to $87.63, keeping the Dow in positive territory, while the S&P 500 Retailing index was up 1.6 percent.
“ this low should be very additive to economic activity, not just with gas prices but across the economy,” said Roth, who oversees $80 billion in assets. “Early holiday shopping numbers should come in pretty strong.”
At 11:29 a.m. (1630 GMT) the Dow Jones industrial average rose 59.02 points, or 0.33 percent, to 17,886.77, the S&P 500 gained 0.81 points, or 0.04 percent, to 2,073.64 and the Nasdaq Composite added 19.34 points, or 0.4 percent, to 4,806.66.
Major indexes are on track for their sixth straight weekly advance, the S&P’s longest streak since November 2013. For the week, the Dow and S&P are up 0.4 percent and the Nasdaq, which counts few energy names among its major components, is up 2 percent.
Declining issues outnumbered advancing ones on the NYSE by 1,490 to 1,404, for a 1.06-to-1 ratio on the downside; on the Nasdaq, 1,296 issues fell and 1,232 advanced for a 1.05-to-1 ratio favoring decliners.
The benchmark S&P 500 index was posting 149 new 52-week highs and 20 new lows; the Nasdaq Composite was recording 152 new highs and 58 new lows. (Editing by Nick Zieminski)