By Rodrigo Campos

NEW YORK, June 1 (Reuters) - Overseas shares traded in the United States soared on Monday to their best level in almost eight months as global equities rallied on bets the world economy had turned the corner following encouraging Chinese and U.S. economic data.

Chinese data showed manufacturing expanded for a third month in May, while U.S. economic indicators showed the manufacturing sector contracted in May at a slower pace than expected and consumer spending fell only slightly in April. For details see [ID:nPEK17043] and [ID:nN01259240]

Foreign stocks in most sectors rose, with some of the biggest gains coming from energy companies as U.S. crude oil futures CLc1 rose to a seven-month high above $68 a barrel boosted by factory activity and underpinned by a weak U.S. dollar. [ID:nN01285121]

New York-traded shares of British Petroleum (BP.N: Quote, Profile, Research) jumped 4.8 percent to $51.88 and PetroChina Co Ltd (PTR.N: Quote, Profile, Research) gained 5 percent to $122.13.

Companies in the basic materials sector also posted big gains, and Luxembourg-based ArcelorMittal (MT.N: Quote, Profile, Research) jumped 8.8 percent to $36.11.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) surged 3.2 percent while the Dow Jones industrial average .DJI gained 2.6 percent and the S&P 500 index .SPX also ended 2.6 percent higher.

The ADR index closed at its highest level since October 2008, but is still more than 40 percent below its record high set in October 2007.

The Bank of New York Mellon's index of leading Asian ADRs rose 3.5 percent, led by gains in the ADRs of China Mobile Ltd (CHL.N: Quote, Profile, Research), up 5.9 percent at $52.13.