Oil reversed most of its early losses

Iran says has options if nuclear deal fails

Oil prices tumbled this morning as vote counting showed that Donald Trump had won the USA presidential election. Donald Trump defeated Democratic presidential nominee Hillary Clinton to become the 45th president of the United States.

It isn't clear whether Russian Federation would join OPEC's production cut.

Traders said volumes were low as the market observed US presidential election exit polls coming out from 0000 GMT.

"There are a lot of unknowns about what will be the Trump position in the geopolitics of the Middle East", said Olivier Jakob, analyst at consultancy Petromatrix.

Iran's landmark nuclear deal in 2015 lifted years of US-led sanctions against it.

Analysts say a Trump presidency bodes well for the crucial Keystone pipeline that has been delayed under the Obama administration.

Another OPEC source said if the cartel's meeting later this month to ratify its production cut deal is successful, it may have less of a positive effect than intended: "I don't think prices will go up much more than the current levels".

US crude edged down 0.5% to $44.75 per barrel.

Other oil analysts said there were supportive factors for prices such as a potential shift in USA policy towards Iran.

"There's a bit of fog coming down - it just adds a bit more uncertainty, for OPEC and everybody else", Hufton said.

US gasoline futures RBc1 fell to a two-month low earlier in the session before also recovering most of its losses. Continental's CEO Harold Hamm spoke at some of Trump's rallies and is seen as the leading candidate for Energy Secretary or as a possible candidate for Interior Secretary.

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. The market is looking forward to the monthly oil assessment report, global oil supply-demand report, and oil rig count report scheduled for this week. Trump has been a proponent of boosting USA output by opening up federal land for drilling. "And that means additional pressure on oil demand".

Trump has also said he would undo last year's nuclear accord with Iran, potentially reversing increases in the Islamic Republic's oil exports, said RBC Capital Markets.

In a special report on November 7, Societe Generale SA said neither election outcome would have a profound impact on oil, while analysts at Nomura Holdings Inc. said a Clinton victory combined with an OPEC deal could trigger sharp rebounds. The new president won't take office until January, and any new policies will first need to be approved by Congress, he said.

"The main show today will be the USA presidential election results coming in over the Asia morning".

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