The international prices of Brass River and Qua Iboe, Nigerian crude grades, have gained $5 within the last 10 hours to trade at $21 per barrel.
Both crude grades recorded a price increase of 32.72%.
The price of Bonny Light, another Nigerian crude grade, also strengthened on the market howbeit lower than Brass River and Qua Iboe.
Bonny Light traded at $14.94 per barrel on Tuesday.
Despite a record supply cut by the Organisation of Petroleum Exporting Countries (OPEC) and its allies (OPEC+), demand for crude oil has dropped due to closure of industries across the world.
Restrictions imposed by various governments across the world to contain the coronavirus pandemic has led to the closure of factories and refineries and in turn, a drop in global demand.
The current selling price is below the cost of production for Nigerian crude which is estimated at $22 and the budgeted crude benchmark of $30 per barrel.
Global oil markets have been in turmoil with US West Texas Intermediate dropping to negative territory.
It is expected that demand will pick up in June as the world makes an effort to contain the pandemic.
In its recently released January 2020 financial and operations report, the Nigerian National Petroleum Corporation (NNPC) said it realised $434.85 million from crude oil and gas export sale.
Of the figure, crude oil export sales accounted for $336.65million and gas, $98.20 million.