Crude prices rebounded from eight-month lows on Monday as hopes for economic boosting policies lifted the markets.

After four straight losses, crude prices continued declining in Monday's earlier trading session and dipped to 16-month low, as the economic concerns about Europe, U.S. and China kept weighing heavily.

But with the euro and European equities rising on hopes that there was a bigger likelihood of central bank's stimulus policy and a coordinated plan to ease debt crisis, crude prices recovered.

Besides, there were several international meetings scheduled in the coming weeks, where measures against European crisis will be talked.

Finance ministers and central bank governors of the Group of Seven industrialized nations will hold a conference call on Tuesday morning to discuss the European debt crisis. And leaders from Group of 20 nations will meet in Mexico on June 18-19 and the euro zone crisis will also be the main topic.

But economic data still came in weak, offering few supports. The Commerce Department said on Monday that factory orders were down 0.6 percent in April from March, missing the estimation. And the figure for March was revised to 2.1 percent decline. The weakness showed in capital goods components, which indicated weakness in business investment.

The International Atomic Energy Agency will have a second round of talks with Iran in Vienna on Friday, talking about resuming investigation into Tehran's nuclear program. But less progress was expected. Light, sweet crude for July delivery rose 75 cents, or 0.90 percent to settle at 83.98 dollars a barrel on the New York Mercantile Exchange, the first gain in five days. In London, Brent crude for July delivery also gained moderately and last traded under 100 dollars a barrel.