The aim of the present study was to evaluate the effect of three oxygen concentrations in the incubation environment and the use of a commercial antioxidant in semi-defined, sequential culture media on the in vitro production of bovine embryos. After in vitro fertilization, the presumptive zygotes were randomly assigned to six treatments under factorial arrangement: with and without the antioxidant compound (Sigma antioxidant supplement®), under three oxygen concentrations (2%, 5% and 20%) in the incubation atmosphere. The results were analyzed by Análisis de Varianza (Anova), using Tukey test (p < 0.05) to compare treatments. Reduced oxygen (2%), in the incubation environment, had a positive effect on blastocysts and morula production percentage, and cell number (p < 0.05). It is concluded that there are positive effects in the use of reduced oxygen (2%).