The baby boy weighed in at 3,655 grams and is 52 centimetres tall.
According to Katharina Leibring, name expert at the Institute for Language and Folklore in Uppsala, Oscar, Carl and Olof are all traditional names.
"They all have long traditions in royal families annd Oscar is one of the most popular names in Sweden since the late 1990s," Leibring told Radio Sweden.
Addressing the press late Wednesday, Prince Daniel said: “I have a happy announcement. Tonight, at 20:28, a small boy was born. Everyone is of course very happy. This is big for us.”
Prince Daniel, who was present throughout the birth, said he cut the umbilical chord and that the whole family is doing well. He added that he was impressed by his wife. “You women are an elemental force,” he said.
The Karolinska hospital's chief physician Lennart Nordström, who delivered the child, said that 3,655 grams is a normal weight among Swedish newborns. Asked who the baby looks like, he said it is hard to tell with newborns but that the boy looks most similar to his older sister, Estelle.
Prince Daniel thanked everyone for their help and well wishes and asked the press to respect his family’s privacy.
“I did last time, too,” he said, “and you have done so and I want to thank you for that.”
Fabian Persson, an associate history professor and expert on the royal family, said the newborn prince is the third in the succession order and would succeed his older sister Estelle were she not to have any children.
The new prince's name was announced to the public on Thursday at a cabinet meeting held at the Royal Palace in the presence of Prime Minister Stefan Löfven, Speaker of Parliament Urban Ahlin as well as Marshal of the Realm Svante Lindqvist and Lady of the Bedchamber Kirstine von Blixen-Finecke.
King Carl XVI Gustaf, who announced the name, said he had not yet met his grandson since he has the flu.
The new prince is the namesake not just of his maternal grandfather, the King, but also of his paternal gradfather, who is called Olof.
"That was expected, because Estelle got the names of her grandmothers as well," Leibring pointed out about the young princess, whose full name is Estelle Silvia Ewa Mary.
There are 34,762 Swedish men and boys called Oscar, according to Statistics Sweden. Out of those, a total 19,812 use Oscar as a given name. Ten people have Oscar as surname.