Oil prices fell on Wednesday as 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 into a tailspin following the billionaire populist’s shock election win.

At around 08:30 GMT, oil was down 53 cents at 44.45 dollars a barrel and Brent crude was 51 cents lower at 45.53 dollars.

Both contracts fell more than one dollar earlier in the session after Trump cemented his lead over Clinton.