Brent oil futures have closed at their highest since the beginning of March, as well as the US has made progress in a new economic stimulus package.
Earlier in the day, both Brent and WTI were trading at their highest since early March. Brent rose 28 cents, or 0.6%, to settle at $44.43 a barrel, its highest close since March 6. West Texas Intermediate (WTI) crude rose 69 cents, or 1.7%, to $41.70, its highest finish since July 21.
These price movements came before the release of an industry report, which is expected a decrease in US oil stocks later Tuesday.
According to the U.S. Centers for Disease Control, new cases of U.S. coronavirus have dropped below 50,000 for the first time since July over the weekend.
Despite the price increase on Tuesday, traders are worried that they have been under great pressure in other parts of the world due to the new wave of COVID-19 infections. Major producers have increased production, but most possibly it will prevent demand recovery.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies known as OPEC + increased its production this month by about 1.5 million barrels a day. US producers also plan to restart shut-in production.
Meanwhile, concerns are growing in Europe and Asia that the coronavirus may spread with a second global wave.