Oil prices fell in Asia 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 but losses narrowed after the president-elect's conciliatory victory speech.

At around 0830 GMT, the December contract for US benchmark West Texas Intermediate was down 53 cents at $44.45 a barrel and Brent crude for January delivery was 51 cents lower at $45.53.

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

"Trump's victory speech was conciliatory," Jeffrey Halley, a senior market analyst at OANDA, told AFP.

"The market liked what he had to say about fiscal spending to rebuild America's infrastructure."

But Halley noted that "the world is still in shock" over Trump's win and would need more time to digest the potential implications.

"The downward pressure on oil could reassert itself so it's still too early to gauge any definitive views," he said.

Capital Economics said a Trump presidency was "very much a step into the unknown". 

"Will he be the demagogue from the campaign trail who threatened to lock up his political opponents, punish the media, build border walls and start a global trade war?" the research firm said in a note.

"Or is he capable of becoming a statesmanlike figure who leads in a more measured manner?"