Oil rose for the first time in seven days in New York as China pledged to boost the nation’s economy and Goldman Sachs Group Inc. said the balance between the supply and demand of crude is tightening.

Futures climbed as much as 1 percent from the lowest level in more than six months after Chinese Premier Wen Jiabao said his country will focus more on bolstering growth. China is the second-biggest crude consuming country after the U.S.

This weekend, leaders of the Group of Eight nations urged Greece to stay in the euro area and to maximize economic expansion.

The extent of oil’s drop was unwarranted, Goldman said in a report.

Crude oil for June delivery rose to $92.41 a barrel on the New York Mercantile Exchange. Brent oil for July settlement increased $1.03, or 1 percent, to $108.17 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade is heading for the biggest gain since April 12.

The price of gold is increasing in trading Monday on the background of the summit of the leaders of the G8 in the American Camp David.

G8 leaders noted that the global economy is showing positive signs, but serious problems still remain. In this regard, the country's "eight" will continue to take measures to strengthen the economy.

In addition, during the G8 summit of heads of state said that they welcome the on going discussions in Europe on measures aimed at enhancing growth while maintaining the commitment to fiscal consolidation on the basis of the structure. In their view, a strong and united eurozone is important for global stability and economic recovery, and therefore, particularly in the euro area should remain Greece.

The cost of the June gold futures on the COMEX today rose to a high of $ 1599.0 per ounce.