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GLOBAL MARKETS-Stocks fall with energy shares; oil prices drop

* U.S. stocks down more than 1 pct

* Slim chance of Fed hike next week reduced after Brainard

* Dollar index inches up

* Oil down as IEA sees market oversupplied in first half of 2017 (Updates with early U.S. market activity, changes dateline, previous LONDON)

By Caroline Valetkevitch

NEW YORK, Sept 13 World stock markets and energy prices fell on Tuesday after both energy producers and consumers predicted an oil glut was likely to persist well into next year.

The International Energy Agency said a sharp slowdown in global oil demand growth, coupled with ballooning inventories and rising supply, mean the crude market will be oversupplied at least through the first six months of 2017.

The IEA's comments follow a surprisingly bearish outlook from the Organization of the Petroleum Exporting Countries (OPEC) on Monday that also pointed to a larger surplus next year.

Financial shares fell on weakened prospects of an interest rate hike in the near-term, adding to the early negative tone in U.S. stocks, which were down more than 1 percent.

Volatility in stocks and other assets has picked up since Friday as investors have weighed chances of an interest rate hike at the Federal Reserve's Sept. 20-21 meeting.

On Monday, Fed Governor Lael Brainard, the last Fed official to comment before the U.S. central bank's next meeting, kept to a dovish tone on rates and urged caution about removing monetary stimulus too quickly.

In the energy market, Brent crude was down 2.3 percent, while U.S. crude fell 3 percent.

The S&P energy index was down 2.7 percent, while the S&P financial index was down 2 percent.

The Dow Jones industrial average was down 231.06 points, or 1.26 percent, to 18,094.01, the S&P 500 had lost 30.89 points, or 1.43 percent, to 2,128.15 and the Nasdaq Composite had dropped 62.71 points, or 1.2 percent, to 5,149.18.

MSCI's all-country world stock index was down 1 percent, while European shares . were down 0.6 percent.

Another trigger for the turmoil of the last few days was disappointment that the European Central Bank did not signal an extension of its bond-buying stimulus program at its meeting last Thursday.

That helped push up yields on government bonds in the euro zone, many of which were negative, as well as yields in Japan, the United States and elsewhere.

On Tuesday, the U.S. dollar recovered while U.S. Treasuries were steady, with the yield curve holding near its steepest levels in more than one month before the government is due to auction $12 billion in long bonds.

Long bonds have underperformed in the past month, in line with a steepening yield curve in Japanese government bonds, with the Bank of Japan studying options to steepen the yield curve to help prompt new lending by banks.

Thirty-year U.S. yields held just below 2-1/2-month highs at 2.49 percent on Tuesday. They have jumped from 2.22 percent last Thursday.

The U.S. dollar index was up 0.3 percent.

For Reuters new Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets

(Additional reporting by Tanya Agrawal; Nigel Stephenson in London, Shinichi Saoshiro in Tokyo, Patrick Graham, Abhinav Ramnarayan and Sudip Kar-Gupta in London; Editing by Catherine Evans and Nick Zieminski)

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