Most investors, it seemed, were indifferent about the OPEC+ update - or maybe they just saw oil major BP's announcement that it would cut 15% of its workers by the end of this year as a damning indictment of where the oil price might go next.
Hitting the 40 dollar mark took place for the first time since March 6.
Futures in NY were little changed, after slipping 3.4% on Monday.
OPEC members, Russian Federation and allied oil producing countries agreed on Saturday to continue their production cut of about 10 percent of the global supply.
The group, known as OPEC+, extended its almost 10 million barrel per day output cut by one month - through the end of July - in an effort to restore supply and demand imbalances and boost energy prices. OPEC+'s de-facto leaders showed their commitment to shore up oil markets globally, and even cajoled Iraq, Nigeria and other laggards to fulfill their promises to reduce production.
While production cuts have helped pull oil prices out of a crash below zero in April, they have also raised the prospect of crude's advance encouraging higher American shale output.
Following the extension to supply cuts, Saudi Arabia made some of the biggest increases to the price of its crude, with the steepest hitting July exports to Asia.
"When you have Brent approaching $40, it is a good sign", one OPEC delegate said.
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He voiced concerns in an interview with Bild newspaper that the US presidential election campaign could further polarize Washington and stoke populist politics.
Some of the massive rally in oil can be attributed to China, which witnessed a significant rebound in crude imports in May with a record 11.3 million barrels per day, a gain of 13% from April.
Some member countries that failed to reach full conformity with their production cut quotas in May and June will have to accommodate their curbs in July, August and September under the latest arrangement.
Even as oil prices recovered, they are still well below the costs of most USA shale producers, leading to shutdowns, layoffs and cost-cutting in the world's largest producer.
In the U.S. Gulf of Mexico, offshore drillers idled about a third of oil production, amounting to about 636,000 barrels of daily output, due to Tropical Storm Cristobal, according to the Bureau of Safety and Environmental Enforcement.
Higher oil prices could invite the reinstatement of supply, notably the USA shale, that was planned to be shut-in in June and July, BNP Paribas' Harry Tchilingurian said.
"The issue of compliance is a major fault line in OPEC+ now", said Vandana Hari, founder of energy consultancy Vanda Insights in Singapore.
"These adjustments are in the interest of oil market stability", it added.