Oil Jumps On OPEC Hopes; Dollar Firms Vs Yen

NEW YORK, Aug 8 (Reuters) - The U.S. dollar rallied against the yen on Monday amid firming bets for a U.S. interest rate hike late this year, while oil prices jumped about 3 percent as speculation grew that OPEC would try to restrain output.

U.S. equity indexes receded after the S&P 500 and Nasdaq closed at fresh record highs Friday after a strong U.S. jobs report. The MSCI All-Country World equity index rose 0.3 percent, helped by stocks in Asia.

Friday's employment report showed U.S. nonfarm payrolls rose by 255,000 jobs in July, more than the Reuters forecast of 180,000. Following that sign of strength in the U.S. economy, traders are now basically split on whether the Federal Reserve will raise benchmark U.S. rates at its December meeting, according to the CME Fedwatch tool.

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