Europe closes flat after CPI data, oil stocks fall

European shares closed largely flat on Friday, although oil majors fell sharply after OPEC (the Organization of Petroleum Exporting Countries) decided not to cut its output target.

The pan-European Euro Stoxx 600 index pared losses to close a smidgen lower at 347, with the energy sector down around 3.5 percent.

Shares of Total sank over 3 percent, Royal Dutch Shell was down 2.5 percent and BP ended around 1.5 percent lower, as the price of Brent crude oil hovered near a four-year low.

The FTSE and Germany's DAX both closed flat, while the French CAC closed 0.1 percent higher.

On the week, the FTSE closed down around 0.3 percent, the CAC climbed 0.9 percent, while the DAX posted strong gains, ending up over 2.4 percent.


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Oil majors drop

On Thursday, 12-member oil cartel OPEC said it would maintain its output ceiling of 30 million barrels a day, despite opposition from other countries like Venezuela, Iran and Iraq.

The move was bad for heavily weighted oil majors, but some airlines - which are heavily reliant on the commodity - gained. Lufthansa closed up around 4.9 percent and Air France rose by around 5.9 percent.

Euro zone CPI released

Data on Friday showed that euro zone inflation fell again in November, boosting expectations that the ECB could try to bolster the region's economy with further stimulus measures. Consumer prices rose 0.3 percent in November from the same period a year earlier, according to a flash estimate. This was down from 0.4 percent in October, and in line with market expectations.

Read MoreEuro zone inflation dips to 0.3% in November

Meanwhile, Italian unemployment numbers showed at uptick to a record high of 13.2 percent in October.

In stocks news, shares of human care company Elekta rose 7 percent after a ratings upgrade from Morgan Stanley to "overweight" from "underweight".

The same bank also raised its rating on Ingenico, with shares of the payment technology firm climbing 3 percent on Friday.

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