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 dollardenominated 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 Pen39;s farright party.

Regarding Macron and elections, it does create another layer of uncertainty, coming after the upside surprise in U.S. nonfarm payrolls, which saw yields scream higher, Tony Sycamore, a Sydneybased 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….