Oil prices have fallen after Donald Trump won the US presidential election, defeating Hillary Clinton.  

Brent crude LCOc1 dropped 15 cents to touch at $45.89 a barrel while US crude CLc1 dropped 30 cents to $44.68.

According to oil analysts, Trump's win has raised concerns over the country's future economic growth, as well as of oil demand, especially given that Obama regime had made a shift in US policy towards Iran. 

"There are a lot of unknowns about what will be the Trump position in the geopolitics of the Middle East."

Petromatrix analyst Olivier Jakob was quoted by Reuters as saying: "There are a lot of unknowns about what will be the Trump position in the geopolitics of the Middle East.

"President Obama from the start of his election worked towards a detente with Iran and we can't be sure that President Trump will continue in the same direction."

Trump has been critical of the West's nuclear agreement with Iran, which enabled the latter to boost oil exports.  Following Trump's victory, Iran stated that Washington should remain committed to the agreement.

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By GlobalData

To bolster prices, the Organization of the Petroleum Exporting Countries agreed in September to reduce production, although investors are not confident that it would be able to implement the deal at 30 November meeting as Iran is critical of the plan.