Oil prices recovered to touch their highest level in 3 years against the backdrop of low supply and a shortage of energy globally, especially natural gas, to meet the increasing demand for it, which makes resorting to Brent crude in power generation highly likely.

A barrel of Brent crude for November delivery recorded $77.4, while West Texas Intermediate crude for delivery in the same month recorded $73.32 a barrel.

And the US Energy Information Administration announced that US crude stocks fell for the 17th consecutive week, at a rate greater than expected at 3.5 million barrels, to record 414 million barrels, the lowest level since October 2018.