02:37 PM EST, 03/08/2024 (MT Newswires) -- West Texas Intermediate (WTI) crude oil closed lower on Friday on robust supply, even as demand remains solid as the United States added more new jobs than expected last month, showing its economy remains robust despite high interest rates,

WTI crude for April delivery closed down US$0.92 to settle at US$78.01 per barrel, while May Brent crude, the global benchmark, was last seen down US$0.96 to US$82.00.

The drop comes as global supply remains adequate, even as OPEC+ this week agreed to extend 2.2-million barrels per day of production cuts through June, countering rising supply outside the cartel with production in the United States near a record, while Guyana and Canada also add new output.

"After a relatively weak year for Canada's oil producers, output growth in 2024 could amount to a significant 300-500k/barrels per day - putting the nation in the running to be the largest source of global oil supply growth," Marc Ercolao, an economist at TD Economics said in a note.

Still, demand remains robust as data from China showed imports remain robust, while US inventories rose less than expected last week and gasoline demand remains high amid a robust economy, The United States added 275,000 new jobs in February, well above the consensus estimate for a rise of 198,000, according to Marketwatch. The report shows the US economy is still running hot despite high interest rates.