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Brent oil futures on Tuesday closed at their highest since early March on hopes the United States is making progress on a new economic stimulus package, as well as curbing the coronavirus spread.

Brent rose 28 cents, or 0.6%, to settle at $44.43 a barrel, its highest close since March 6. U.S. West Texas Intermediate (WTI) crude rose 69 cents, or 1.7%, to $41.70, its highest finish since July 21.

Earlier in the day, both Brent and WTI were trading at their highest since early March.

Those price moves came ahead of the release of an industry report later Tuesday from the American Petroleum Institute that is expected to show a decrease in U.S. crude stockpiles last week.

Reference: Reuters