GLOBAL MARKETS-Oversupply angst drags oil lower, stocks drift near highs

* Crude prices fall sharply on oversupply concerns
* Wall Street little changed near record highs
* Long-end U.S. Treasury yields fall

(Updates prices, changes comment, byline)
By Rodrigo Campos
NEW YORK, Nov 19 (Reuters) - Oil prices fell sharply on
Tuesday on oversupply concerns while a gauge of stocks across
the globe was on track to rise for a seventh straight session
after large overnight gains in Asia.
The U.S. benchmark S&P 500 index was little changed while
the blue-chip Dow Jones Industrial Average slipped and the
Nasdaq rose, all having hit record intraday highs earlier in the
session. Traders cited the lingering uncertainty over whether the
U.S. and China could agree to end a trade war than nears 1-1/2
years as a reason for stocks to drift and bond prices to go
higher.
U.S. President Donald Trump said he would raise tariffs on
Chinese imports if no deal is reached with Beijing to end the
trade war. The next round of tariffs is due to kick in
mid-December. Oil fell after sources told Reuters that Russia is unlikely
to agree to further cut its oil output at a meeting with fellow
exporters next month. Separately, Norway's October oil production beat forecasts
and the potential oversupply, combined with some worries over
global demand next year, sent prices lower.
"Moreover, Russia also failed to fulfill its agreed cuts in
November so far," Commerzbank analyst Carsten Fritsch said.
U.S. crude CLc1 fell 3.31% to $55.16 per barrel and Brent
LCOc1 was last at $60.84, down 2.56% on the day. On Wall Street, the Dow Jones Industrial Average .DJI fell
91.08 points, or 0.32%, to 27,945.14, the S&P 500 .SPX gained
1.08 points, or 0.03%, to 3,123.11 and the Nasdaq Composite
.IXIC added 32.01 points, or 0.37%, to 8,581.94.
Hopes of a trade truce earlier in the day drove European
stocks to a four-year high and world stocks to their highest in
nearly two years, but those gains were pared later in the
session.
The pan-European STOXX 600 index .STOXX lost 0.12% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.05% and was on track for a seventh straight session of gains.
Emerging market stocks rose 0.41%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.62%
higher, while Japan's Nikkei .N225 lost 0.53%.
Long-dated U.S. Treasury yields slipped for the seventh
straight day as risk appetite weakened. Benchmark 10-year notes US10YT=RR last rose 7/32 in price
to yield 1.7843%, from 1.808% late on Monday.
The 30-year bond US30YT=RR last rose 29/32 in price to
yield 2.2527%, from 2.293% late on Monday.
The dollar was little changed against a basket of six major
currencies. The dollar index .DXY rose 0.05%, with the euro
EUR= up 0.08% to $1.1079.
The Japanese yen strengthened 0.14% versus the greenback at
108.54 per dollar, while Sterling GBP= was last trading at
$1.2916, down 0.28% on the day.
Spot gold XAU= rose 0.08% to $1,472.87 an ounce.
Copper CMCU3 rose 0.86% to $5,880.00 a tonne.
Three-month aluminum on the London Metal Exchange CMAL3
lost 0.06% to $1,737.00 a tonne.

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Global assets in 2019 http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets in 2019 http://tmsnrt.rs/2ihRugV
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