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West Texas Intermediate crude fluctuated after equities advanced on bullish comments from hedge-fund manager David Tepper, while analysts forecast that U.S. crude stockpiles climbed from an 82-year high.
Futures rebounded and the Standard & Poor’s 500 Index rose as Tepper, co-founder and owner of Appaloosa Management, told CNBC the economy is improving. A government report tomorrow will probably show that supplies gained 400,000 barrels last week, according to a Bloomberg survey.
American output growth will be as significant for the global market as
WTI oil for June delivery decreased to $94.50 a barrel on the New York Mercantile Exchange. Brent oil for June settlement rose 6 cents to $102.88 a barrel on the London-based ICE Futures Europe exchange. Volume for all contracts was 21 percent above the 100-day average.
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