Commodities: Oil Volatile As Ceasefire Talks Stall

ING Economic and Financial Analysis5.28K FollowersFollow5ShareSavePlay(7min)CommentsSummaryNYMEX WTI and ICE Brent rose around 2% this morning amid conflicting statements from the US and Iran on the prospects of a ceasefire.Nickel prices jumped on the LME by almost 3% on Wednesday after Indonesia agreed to introduce taxes on outbound shipments of the metal.Sugar prices retreated by more than 2% from a five-month high as easing geopolitical tensions between the US and Iran pressured crude oil prices, reducing the incentive to divert sugar into ethanol production. wildpixel/iStock via Getty Images By Ewa Manthey, Commodities Strategist and Warren Patterson, Head of Commodities Strategy Oil prices are up around 2% this morning as conflicting US-Iran signals on a potential ceasefire keep the geopolitical risk premium elevated Energy – OilThis article was written byING Economic and Financial Analysis5.28K FollowersFollowFrom Trump to trade, FX to Brexit, ING’s global economists have it covered. Go to ING.com/THINK to stay a step ahead. We’re sorry we can’t reply to individuals' comments.Content disclaimer: The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.This publication has been prepared by ING solely for information purposes without regard to any particular user's investment objectives, financial situation, or means. For our full disclaimer please click here.