Oil prices drop as Trump pulls forward in American election

On Wednesday, crude prices descended, as vote counting demonstrated Republican Donald Trump doing better than expected in some crucial battleground states during the American presidential election.

With market participants glued to their screens, crude futures markets roared into action as counting progressed, with Trump holding narrow leads over Democrat Hillary Clinton in a number of key contests.

American West Texas Intermediate crude futures dipped to a session minimum of $43.07 per barrel, down more than 4% from their last close and also their lowest outcome since September, before getting back to $43.30 per barrel.

Meanwhile, international Brent crude futures sank 3%, being worth $44.68 a barrel.

The drops in crude came as prices for gold, a traditional safe-haven for traders in times of uncertainty leapt, while the greenback dived abruptly against a basket of other key currencies. 

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