#CrudeOil Prices Recover From December Low As Market Focuses On Middle East Developments (8 January 2024)

The crude oil price has recovered from its six-month low in mid-December and the market is expected to focus on developments in the Middle East over the next few weeks, Commerzbank said in a Friday note.

Oil prices should remain well-supported as a rapid deescalation is unlikely at the moment, the bank noted. Commerzbank believes the US Energy Information Administration's upcoming report,which will include forecasts for 2025 for the first time, will not have much impact on prices.

Still, investors could be interested in the EIA's medium- to longer-term production prospects in the US, Commerzbank said. The sharp rise in production in the US was one of the biggest surprises last year, the bank noted.

US crude production rose 1 million b/d in 2023, twice as much as expected in the beginning of the year, the bank said. So far, an increase of only 200,000 b/d is expected for 2024.

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