WTI Oil Falls 4.5% to $86.7 on Iran Talks; Bitcoin Unmoved

Oil fell sharply on Nov. 9. According to Nation Path and Economies.com, Brent dropped about 5% to $93.3 a barrel in afternoon trading and US WTI lost 4.5% to $86.7. Bitcoin did not rally on the drop.

Details

The driver was hope for a US-Iran deal. Both outlets report that President Donald Trump said further strikes on Iran were "highly unlikely" as long as talks to end the conflict keep progressing. A week earlier Brent had fallen about 16%, Economies.com says, and it cites JPMorgan data showing global oil supply exceeded demand by 1.4 million barrels a day in October.

CoinLab market data for the evening of Nov. 9: the dollar index (DXY) was near 101.8, down 0.5% on the day. Bitcoin on Binance traded near $74,950 at 2:40 PM ET, down 1.2% over 24 hours and 2.9% over the week; the 24-hour low was $73,510. Our oil series (delayed) shows a 3.5% daily drop.

What it means for the market

Cheaper oil eases pressure on inflation and rate expectations, which usually supports risk assets. Bitcoin lagged that move on Nov. 9 and showed no upside reaction. Whether the talks hold is the open question; for now this is hope, not an agreement.

See the live price in the daily brief and bitcoin's chart on its coin page. This is not investment advice.