09:07 AM EDT, 06/07/2024 (MT Newswires) -- Oil traded higher for a third-straight session early on Friday as hopes for interest-rate cuts declined after the United States added more jobs than expected in May and key OPEC+ members said they are ready to respond to any market weakness by delaying planned production increases.

West Texas Intermediate crude oil for July delivery was last seen up US$0.30 to US$75.85 per barrel, while August Brent crude, the global benchmark, was up US$0.24 to US$80.11.

U.S. non-farm payrolls rose by 272,000 new jobs last month, up from 175,000 in April and well ahead of the consensus estimate for a rise of 190,000, according to Marketwatch. The robust report may dash hopes the Federal Reserve will soon follow cuts from this week by central banks in Canada and Europe and begin lowering interest rates as soon as September.

"The two cuts themselves are relief markers rather than harbingers of the great easing that markets are so looking forward to," PVM Oil Associates noted prior to the jobs report. "Neither will instill any hurry from the Federal Reserve to bring about interest rate change. Indeed, pricing is still centered around 2 cuts for 2024 and both coming at the end of quarters in September and December."

OPEC+ leaders on Thursday moved to assuage a market concerned the group's focus has moved to protecting their market share rather than supporting prices after the group said it plans to return 2.2-million barrels per day of production cuts to the market beginning in the fourth quarter.

Speaking at a Russian business conference, Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ can delay or reverse planned supply additions depending on market conditions, according to reports.

"OPEC+ members, including Saudi Arabia, emphasized the group's readiness to respond to market fluctuations with supply adjustments," Saxo Bank noted. "It confirms that a 'line in the sand' still exists below the market, probably around USD 75 in Brent, and that the announced production increase from October will depend on market conditions at the time."