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The Stoxx Europe 600 Index slipped 0.4 percent to 346.07 at 12:58 p.m. in London. A gauge of oil and gas companies fell 3.6 percent, heading for its worst week since August 2011, as Brent crude traded near its lowest in more than four years. Air France-KLM Group rose 4.2 percent, leading an index of travel shares to its highest level in more than seven years on expectations that lower fuel costs will boost profitability.

“OPEC’s decision yesterday came as a surprise when looking at the market reaction, and made investors more cautious,” said Tobias Britsch, who helps oversee about $30 billion at Meriten Investment Management GmbH, in Dusseldorf, Germany. “This could hurt a year-end rally. I would not touch oil and gas stocks as it’s far too risky now.”

Europe’s equity benchmark has gained 2.8 percent this month, as Mario Draghi said the European Central Bank may broaden its asset-buying program to include the purchase of government bonds, while central banks in Japan and China stepped up measures to support their economies.

The Stoxx 600 is about 1 percent off its June peak, which was the highest level since January 2008. German equities completed eleven straight days of gains yesterday, their longest winning streak since May 2013. Standard & Poor’s 500 Index futures fell 0.1 percent today.

Stimulus Action

Investors are also weighing the prospects for increased stimulus before the ECB meets next week to discuss monetary policy. Euro-area inflation slowed to 0.3 percent this month from a year earlier, according to European Union data. The rate has been below 1 percent since September 2013. The ECB has pledged more stimulus if needed to revive consumer prices.

“Lower energy prices could put some pressure on euro-area inflation and the ECB might need to go for full QE,” Britsch said, referring to quantitative easing.

A separate release showed unemployment in the region held at 11.5 percent in October.

Energy stocks extended a five-day decline to 9.6 percent after the 12-nation Organization of Petroleum Exporting Countries kept its output target unchanged yesterday. Statoil ASA dropped 7.4 percent to a 14-month low, while Total SA slid 3.1 percent. BG Group Plc slipped 7.4 percent to its lowest price since March 2009.

The gauge of oil and gas companies on the Stoxx 600 is heading for a third straight monthly drop, its longest losing streak in almost two years.

Travel and leisure stocks rose, extending a two-day advance to 2.6 percent. Deutsche Lufthansa AG gained 3.1 percent as UBS Group AG recommended buying the shares.

Aurubis AG dropped 2 percent after Goldman Sachs Group Inc. cut its rating on Europe’s biggest producer of refined copper to neutral from buy. Ingenico Group rose 1.8 percent after Morgan Stanley upgraded its recommendation on the French maker of payment terminals.