After helping Portugal to the quarter-finals in UEFA Euro 1996, Oliveira signed for former club Porto, leading it to back-to-back national championships with the addition of one Portuguese Cup, won against S.C. Braga. His first season started with a 5–0 demolition of S.L. Benfica in the domestic Supercup, as the team went on to win the league with 85 points – a record which would last until the 2002–03 campaign, broken by José Mourinho's team– also reaching the quarter-finals of the UEFA Champions League and being eliminated by Manchester United.