Oil Rises to its highest levels since March

Oil prices rose, with both Brent crude and US West Texas Intermediate (WTI) trading at their highest levels since early March earlier in the session amid optimism about a new stimulus package by the Federal Reserve.

The Organization of Petroleum Exporting Countries OPEC and its allies will boost production this month by 1.5 million barrels per day. US producers are also planning to restart production closed, and US crude stocks are expected to decline last week.

Brent crude futures, the global benchmark, rose 0.6% to $ 44.43 a barrel, their highest close since March 6, and U.S. West Texas Intermediate crude futures rose 1.7% to $ 41.70 a barrel, their highest close since July 21.