Oil prices advance amid market optimism

NEW YORK, June 8 (Xinhua) -- Oil prices climbed on Tuesday, bolstered by positive market sentiment.

The West Texas Intermediate for July delivery added 82 cents to settle at 70.05 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 73 cents to close at 72.22 dollars a barrel on the London ICE Futures Exchange.

"The fundamental environment on the oil market remains favourable: fuel demand is recovering strongly not only in the US, but also in Europe following the (partial) lifting of restrictions," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Tuesday

"On the supply side meanwhile, observers are beginning to accept that it will take some time yet before Iranian oil exports return to the market," he said.

Meanwhile, traders awaited official U.S. crude inventories data slated for Wednesday.