New York. Oil prices fell sharply on Tuesday on oversupply concerns, while a gauge of stocks across the globe rose for a seventh straight session after large overnight gains in Asia, Reuters reports.

The U.S. benchmark S&P 500 index was little changed, the blue-chip Dow Jones Industrial Average fell and the Nasdaq rose, all having hit record intraday highs earlier in the session.

Traders cited the lingering uncertainty over whether the United States and China could agree to end a near 1-1/2 year trade war 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 start in mid-December.

Oil fell after sources told Reuters that Russia is unlikely to agree to cut its oil output further at a meeting with fellow exporters next month.

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