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Oil Drops As Trump Wins

Oil Drops As Trump Wins

Oil prices droped in asia on Wednesday as the republican candidate “Donald Trump” defeated Democratic rival and market favourite “Hillary Clinton” in the race for the white house. Global financial markets and oil prices went down following the billionaire populist’s shock election win but losses narrowed after the president elect’s appeasing victory speech. At about 0830 GMT, the December contract for US benchmark west texas intermediate was down 53 cents at $44.45 a barrel and brent crude for January delivery was 51 cents lower at $45.53.

Both contracts fell more than one dollar earlier in the session after trump triumphed  over Clinton . Trump’s victory speech was appeasing, Jeffey Halley a senior marketer analyst at OANDA, told AFP. The market liked what he had to say about fiscal spending to rebuild America’s infrastructure, but Halley noted that “the world is still in shock” over Trump’s win and would need more time to assimilate the potential implications.

The downward pressure on oil could reassert itself so it’s still too early to gauge any definitive views, he said. Capital economics said that Trump Presidency was “very much a step into the unknown”. “Will he be the agitator 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.

 

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