LONDON, June 5 Reuters Oil prices hovered near fourmonth lows on Wednesday on an expected supply boost later in the year when OPEC begins to unwind some output cuts, with markets also digesting U.S. jobs data and higher oil stocks.

Brent crude futures were up 26 cents, or 0.3, at 77.78 a barrel by 0825 GMT. U.S. West Texas Intermediate crude futures rose 24 cents, or 0.3, to 73.49.

Both contracts fell more than 1 on Tuesday to their lowest settlement levels since early February, having declined by about 3 a barrel on Monday.

The slide followed news from the Organization of the Petroleum Exporting Countries OPEC and its allies of plans to increase supply from the fourth quarter despite recent signs of weakening demand growth.

The abundant supply picture at present undoubtedly is generating queasiness even from those not in the perennial OPECsceptic camp, RBC Capital39;s head of commodities research, Helima Croft, said in a market note.

However, Saudi Arabian energy minister Prince Abdulaziz bin Salman has said OPEC would pause the unwinding of the cuts or reverse them if demand wasn39;t strong enough to absorb the barrels.

The intention has always been to slow roll the barrels back in and not to send the market into a tailspin with a supply surge, Croft said.

Prices drew some support from data showing that U.S. job openings fell more than expected in April, which could help the Federal Reserve39;s fight against inflation and strengthen the case for cutting…