SINGAPORE, June 10 (Reuters) - Oil prices edged up on

Monday, aided by hopes of rising fuel demand this summer,

although a firmer dollar boosted by lower chances of imminent

interest rate cuts capped gains.

Brent crude futures gained 15 cents, or 0.2%, to

$79.77 a barrel by 0644 GMT and U.S. West Texas Intermediate

crude futures was up 0.1%, or 10 cents, at $75.63 a

barrel.

On Friday, data showed the U.S. added more jobs than

expected last month, leading investors to trim expectations for

rate cuts, which helped the dollar to rally.

A stronger greenback makes dollar-denominated commodities

such as oil more expensive for holders of other currencies.

The euro also came under pressure, reflecting uncertainty in

the eurozone after French President Emmanuel Macron called snap

legislative elections for later in June after he was trounced in

the European Union vote by Marine Le Pen's far-right party.

"Regarding Macron and elections, it does create another

layer of uncertainty, coming after the upside surprise in U.S.

non-farm payrolls, which saw yields scream higher," Tony

Sycamore, a Sydney-based analyst at IG said.

Markets are now focused on the U.S. Federal Reserve and Bank

of Japan meetings this week, with the risks of more hawkish

outcomes, Sycamore said.

"That will likely create more angst amongst some of the

member states of OPEC+ as to when they can return their cuts

back to the market given the negative reception this proposal

received last week post the OPEC+ meeting."

Brent and WTI posted their third straight weekly loss last

week on concerns that a plan to unwind production cuts by the

Organization of the Petroleum Exporting Countries and their

allies, a group known as OPEC+, from October will add to rising

global supply.

The announcement coincided with a rise in total commercial

OECD crude and product stocks on land to an estimated 48 million

barrels in May, compared with the average build of 30 million

barrels during 2015-2019, energy consultancy FGE said in a note.

Analysts and traders expect summer holiday demand to reduce

stockpiles and support prices.

"We continue to expect the market to firm up and crude

prices to reach mid-$80/bbl levels as we move into 3Q 2024, but

it will likely need a convincing signal of tightening from

preliminary inventory data," FGE said.

Goldman Sachs analysts expect Brent to rise to $86 a barrel

in third quarter.

"We expect that healthy consumers and solid summer demand

for transportation and cooling will push the market in a sizable

Q3 deficit of 1.3mb/d."

In the U.S., Washington stepped up purchasing of crude oil

to replenish the Strategic Petroleum Reserve after prices fell.

Last week, U.S. energy firms cut the number of oil and

natural gas rigs operating to the lowest since January 2022,

energy services firm Baker Hughes ( BKR ) said on Friday.

In the Middle East, Iraq's Oil Minister Hayan Abdel-Ghani

said there has been progress in talks with Kurdistan region

officials and representatives of international companies

operating there for a deal to resume oil exports via the

Iraq-Turkey oil pipeline that once handled about 0.5% of global

oil supply.