The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at $121.54 per barrel as of Wednesday.
This is compared with $120.16 per barrel recorded on Tuesday.
This is according to OPEC Secretariat calculations obtained by journalists in Abuja on Thursday.
The OPEC Reference Basket of Crudes (ORB) is made up of the Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Bonny Light (Nigeria) and Zafiro (Equatorial Guinea).
Others are Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).