Oil prices tumble as Trump pulls forward in US election - 9 Nov 2016

Commodity Intraday Tips

Oil prices tumbled on Wednesday as vote counting showed Republican Donald Trump doing better than expected in several crucial battleground states in the US presidential election. With traders glued to their screens, crude futures markets roared into action as counting advanced, with Trump holding narrow leads over Democrat Hillary Clinton in a series of key contests. US West Texas Intermediate (WTI) crude futures fell to a session low of USD 43.07 per barrel, down more than 4 percent from their last close and their lowest since September, before inching back to USD 43.30 a barrel at 0333 GMT. 

Read invented by Teads International Brent crude futures were down 3 percent at USD 44.68 a barrel.

"This is dejavu of the Brexit moment, very worrying," said Bob Takai, president at Sumitomo Corp Global Research in Tokyo, referring to Britain's surprise vote to leave the European Union in a referendum last June, which led to market turmoil. The falls in oil came as prices for gold, a traditional safe haven for investors in times of uncertainty jumped, while the dollar fell sharply against a basket of other leading currencies. "Traders are sort of watching other vehicles like US dollar futures and gold," said Ric Spooner of CMC Markets in Sydney, Australia.

Trump won the key battleground state of Ohio and led Clinton in a series of other states that were too close to call, including Florida and North Carolina, in a surprisingly close race for the White House.

In Asia, physical oil analysts were digesting mixed data out of China on Tuesday, which showed a fall in crude imports and a rise in exports of refined products.

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