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Brent crude climbed back above $40 for the first time in almost three months on optimism crude producers would extend output cuts.
Brent, the international benchmark, rose 2 per cent to $40.35 a barrel. US marker West Texas Intermediate (WTI) climbed 2.8 per cent to $37.83.
Prices were buoyed by hopes that OPEC+ nations would extend production cuts for another month.
Oil has come a long way since the huge move down into negative territory last month for crude.
Producers like Nigeria will be gratified to see oil prices rebound as the country gets 90 percent of its dollar earnings from the sale of crude oil.
The Federal Government has already cut the 2020 N10.59 trillion budget already passed by the legislature to N10.276 trillion.