Oil higher

Singapore

Oil prices reversed some early losses to push higher on Thursday as markets recovered from their initial shock at U.S. President-elect Donald Trump´s surprise victory, although traders said that crude fundamentals remained weak.

Trump´s election win initially stunned markets and led Ian Bremmer, president of U.S. risk consultancy Eurasia Group, to warn that "the world is heading into a profound geopolitical recession.

"However, markets shook off deep post-election losses and recovered on Thursday. "After initially selling off as it became clear Donald Trump would be the next president, commodity prices rallied strongly as the flight to safety unwound," ANZ bank said on Thursday in a note on Trump´s victory.

But the bank added that "there are still serious questions marks as to what it means for commodity markets.