Global shares, oil fall on fears of U.S. "fiscal cliff"

NEW YORK: A seven-day rally in world shares came to a halt and commodity prices slipped on Thursday after negotiations over the U.S. "fiscal cliff" hit a wall, with both Republicans and the White House voicing frustration at the lack of progress.

Wall Street turned lower after U.S. House of Representatives Speaker John Boehner, the top congressional Republican, refused to give ground in negotiations with President Barack Obama on a new fiscal plan.