LONDON MARKETS: U.K.'s FTSE 100 Flips Higher; BP Shares Under Pressure

By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- U.K. stocks rose Monday, with travel shares among gainers as the first full week of trading in 2015 got underway.

The FTSE 100 rose 0.3% to 6,566.72, a turnaround from losses seen when the market opened.

Travel stocks were higher as oil prices continued to decline, a move that's seen as a benefit to the travel industry. Shares of cruise ship operator Carnival PLC were up 2.8%, and British Airways parent International Consolidated Airlines Group rose 2.4%, as did budget carrier easyJet PLC . Off the benchmark, shares of Ryanair rose 1.8% after the low-cost carrier said traffic in December rose 20%.

Oil futures dropped Monday, feeling the weight of a rising dollar on the commodity. Brent crude and Nymex crude futures for February (CLG5) each fell 1.5%, with Brent below $56 a barrel and Nymex futures below $52 a barrel.

Shares of British oil major BP PLC (BP) fell 1%. BP came in to focus following a Financial Times report that the company is poised to lose hundreds of million of dollars in earnings and dividend income linked to its stake in Russian oil company Rosneft because of the slide in oil prices and a slide in the ruble's value.

The FTSE 100 on Friday fell 0.3%.

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