By Carla Mozee, MarketWatch Travel stocks gain as oil prices march lower

LONDON (MarketWatch) -- Oil- and gas-related stocks traded in London extended losses Friday after an Organization of Petroleum Exporting Countries decision not to reduce oil production.

The oil and gas group slid 2.8%, though it pared the decline by the end of the session. The sector on Thursday tumbled 3.9% after OPEC said it will maintain its current production target of 30 million barrels a day. There had been some speculation in the markets ahead of OPEC's meeting in Vienna that the cartel would reduce output, in an effort to stop a recent drop in global oil prices.

U.S. crude-oil futures (CLF5) dropped to a more than four-year low, a decline of nearly 9%, to trade just above $67 a barrel. January Brent crude managed to turn slightly higher after Thursday's session, during which Brent futures hit their lowest since August 2010. Brent is the global oil benchmark.

Shares of BG Group tumbled 8.9%, logging the sharpest decline on the benchmark FTSE 100 as they also recorded their biggest loss since late January. The oil-exploration company is also dealing with pushback from some shareholders over its pay-and-bonus package plan for incoming chief executive Helge Lund.

Shares of Tullow Oil PLC were yanked 8.2% lower, and energy engineering firm Weir Group PLC fell 4.1%. Oil major Royal Dutch Shell PLC (RDSB) ended down 1.6% and BP PLC (BP) lost 1.2%.

The FTSE 100 ended down less than 1 point at 6,722.62, with losses limited in part by gains among shares of travel companies, which can be sensitive to oil prices. Cruise-ship operator Carnival PLC topped the benchmark as they jumped 4.5%. TUI Travel PLC gained 2.6% and easyJet PLC tacked on 1.2%.

The FTSE 100 ended the week down 0.4% but closed November higher by 2.7%, its best monthly run since April.

You're invited: A free evening event focusing on investing opportunities in Europe

Will you be in London on Dec. 3? Then you're invited to our MarketWatch Investing Insights event, "The Worse Europe Gets, the More You Should Invest."

Governments are in trouble, reform efforts have stalled, unemployment is climbing. The news from the eurozone is bleak, and investors are fleeing. But that's a mistake: The worse the economic data from Europe get, the more you should be buying. Why? Because actions by the ECB will boost asset prices and the stock market in particular. And, big exporters can grow sales. Lower costs and steady sales translate into higher profits and dividends. Join us for an evening of cocktails and conversation to explore these opportunities.

Our panel will be led by MarketWatch columnist Matthew Lynn, a renowned financial journalist based in London and the author of "Bust: Greece, the Euro and the Sovereign Debt Crisis." He'll be joined by Mark Hulbert, MarketWatch columnist and editor of the Hulbert Financial Digest.

This event is free, but RSVPs are required. It will be held Wednesday evening, Dec. 3, in London. For more information or to RSVP, send an email to marketwatchevent@wsj.com.

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