![Image of US Navy oil tankers [Richard J. Brunson/Wikipedia]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2016/11/2004_12_12-US-Navy-oil-tankers.jpg?fit=1200%2C800&ssl=1)
Oil prices fell as Republican candidate Donald Trump defeated his Democratic rival and market favourite Hillary Clinton in the race for the White House.
Prices fell below $46 a barrel today following Trump’s surprise victory. The global benchmark, Brent crude, fell almost four per cent to the lowest since August in Asian trading as results showed Trump gaining ground, although it later recovered some of its losses.
“The United States of America is experiencing its own version of Brexit,” FXTM chief market strategist Hussein Sayed said. “Investors are panicking as a Trump victory means economic and political turmoil ahead.”
Capital Economics said a Trump presidency was “very much a step into the unknown”.
“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?” the research firm said in a note.
“Or is he capable of becoming a statesman like figure who leads in a more measured manner?”