Online travel agencies, eager to spur spring bookings in the recession, are locked in a price battle that has some of them cutting fees and reimbursing customers if the price of their trip falls after they book. on Thursday offered a promotional price guarantee on airline tickets and vacations. The promotion follows a similar deal unveiled this week by Travelocity, and a fee waiver announced last week by Expedia Inc.

"Downward demand pressure on a commodity business usually creates these types of price wars," said Morningstar equity analyst Warren Miller.

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