Oil prices recovered to $76 a barrel today as data showed that US refiners had processed the lowest amount of oil in decades due to a slump in demand.

The US refinery capacity use last week fell by 2.9 percentage points to 78.4%, which is the lowest since the 1980s, according to a government report.

For March delivery, US crude rose by 8¢ to $76.15 a barrel at 8:20am GMT after falling to a one-month low of $75.62 a barrel, while London Brent crude increased by 21¢ to $74.79 a barrel, according to Reuters.

Crude prices have declined by almost $8 since touching $84 a barrel on 14 January.