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article imageOil down as Trump leads in knife-edge US vote

By AFP     Nov 8, 2016 in Business

Oil prices were down in Asia on Wednesday as Republican candidate Donald Trump appeared poised to beat Democratic rival and market favourite Hillary Clinton in the race for the White House.

Global financial markets went into a tailspin after partial election results increasingly pointed to a shock win by billionaire Trump.

At around 0615 GMT, US benchmark West Texas Intermediate for delivery in December was down $1.22 at $43.76 and Brent crude for January tumbled $1.08 to $44.96 a barrel.

"This is very much a step into the unknown because we simply can't know what type of president Trump will be," research firm Capital Economics said in a note.

"Will he be the demagogue from the campaign trail, who threatened to lock up his political opponents, punish the media, build border walls and start a global trade war?" it said.

"Or is he capable of becoming a statesmanlike figure who leads in a more measured manner?"

Jeffrey Halley, a senior market analyst at OANDA, told AFP oil will be under pressure as it is not a safe-haven asset like gold, whose price has risen.

"I guess we're going to see continued sell-off in commodities and oil is one of them," he said.

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