Oil prices fell on Tuesday as investors continue to assess the ongoing US-China trade talks and ahead of important US crude inventory data. 

The Energy Information Administration today expected US crude output to taper off to 13.3 million bpd in 2026, down from a record 13.5 million bpd in the second quarter. 

It expects Brent prices to average $61 by the end of the year, before hitting $59 a barrel in 2026.

On trading, Brent August futures fell 0.25%, or 17 cents to $66.87 a barrel.

US crude futures due in July fell 0.47%, or 31 cents to $64.98 a barrel.

US stock indices gained ground on Tuesday amid ongoing US-China trade talks.

The negotiations entered their second day in London as both sides aim to stop the trade war and reach an agreement, after the dispute disrupted supplies of rare-earth minerals and impacted many industries. 

The US Trade Secretary Howard Lutnick said negotiations with China are progressing satisfactorily, expecting talks to continue all day.

Now markets await crucial US consumer prices data on Wednesday, followed by producer prices data on Friday to gather clues on future Fed rate cuts.

On trading, Dow Jones rose 0.1%, or 41 points as of 17:46 GMT to 42,804 points, while S&P 500 added 0.3%, or 18 points to 6024 points, as NASDAQ gained 0.4%, or 70 points to 19,661 points. 

MicroStrategy's Chairman Micheal Saylor announced a new round of bitcoin purchases amounting to 1045 units, raising the company's holdings to a new record high.

The purchase occurred between June 3 and 8, with the company spending $110.17 million in total, averaging $105,426 per unit.

After the new acquisition, the company now holds 582000 bitcoins averaging $70081 per unit, with a total value of $40.79 billion.

Copper prices fell on Tuesday as investors shun the markets amid uncertainty on the US-China trade talks and the impact of the ongoing trade war on global growth and demand on metals. 

Three-month copper futures fell 0.3% at the London Metals Exchange to $9767 a ton, after recovering 20% from November 2023 lows plumbed in April.

High-level talks between US and Chinese officials commenced this week in London, with the hopes of reaching some sort of an initial agreement on tariffs and trade.

Copper inventories at the London exchange fell by 2000 tons to 120,400 tons, after falling by half in the past three months. 

Copper futures at the US COMEX Exchange fell 0.8% to $4.89 a pound, with the US premium over London standing at $1000 a ton.

Traders are waiting for the investigation order by Trump in February on potential tariffs on copper imports, which could shake up prices.

In China, zinc prices fell at the Shanghai exchange by 1.3% to $21,845 yuan a ton, an April low.

Aluminum prices fell 0.1% at the London Exchange to $2477 a ton, while nickel fell 0.7% to $15,310, as lead fell 0.4% to $1978, while tin slipped 0.1% to $32,750 a ton.

Otherwise, the dollar index fell to 98.9 as of 15:25 GMT, with a session-high at 99.3, and a low at 98.8.

On trading, copper July futures fell 0.4% as of 15:23 GMT to $4.90 a pound.