Air France-KLM has led cuts in fuel hedging by Europe’s airlines during the third quarter, fuel prices headed for the first annual decline in six years.AFI-KLM reduced the value of the jet fuel it hedged by $338 million for the period compared with a year earlier, according to company data.Jet fuel prices have dropped 7.4% in 2014. Air France-KLM’s hedges locked in fuel contracts at higher costs before oil prices collapsed in the second half of 2008, costing the company €418 million ($600 million) in the third quarter of 2009.The price of jet fuel cargoes for delivery into northwest Europe

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