Oil prices were stable on Tuesday after posting strong gains the previous day when investors piled money into financial markets in expectation that Democrat Hillary Clinton would win the US presidential election.

US West Texas Intermediate crude futures were down 6 cents at $44.83 per barrel early on Tuesday. The contract gained almost 1.9% the previous session.

International Brent crude prices were up 6 cents at $46.21 per barrel.

"Investors piled back into the energy sector," ANZ bank said, with polls putting Clinton ahead of her Republican competitor Donald Trump for Tuesday's election.