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FTSE trades flat as Oil companies decline after OPEC keeps production levels unchanged

FXStreet (Mumbai) - The London’s FTSE trades flat as the oil shares extended the decline following the OPEC’s decision to keep the production levels unchanged at 30 million barrels a day.

The Ftse traded 0.01% lower at 6728.80 after minor gains were erased by the sharp decline in the oil shares. Among the index Energy stocks, Petrofac leads the fall, down 6.23%, followed by shares in multinational Oil and Gas company, BG Group, which declined 4.03%. Shares in Engineering firm Weir5 group declined 3.33%, while Tullow Oil extended losses to trade 4.01% lower. Royal Dutchshell B lost 3.06%. Overall, the FTSE Oil and Gas sector is down 2.89%, while the FTSE Oil Equipment Services and Distributions sector is down by 5.35%.

Meanwhile, on the plus side are shares in Easyjet, up by 5.15%, followed by IAG and TUI Travel, up 4.34% and 3.05% respectively.

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