Oil fluctuated

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.

North American output growth will be as significant for the global market as China’s economic boom, the International Energy Agency said today. The Energy Information Administration will probably report that U.S. gasoline stockpiles slipped by 1 million barrels last week, according to the median estimate of 11 analysts. Inventories of distillate fuel, a category that includes heating oil and diesel, climbed by 650,000 barrels, the survey showed.

North America will provide 40 percent of the world’s new supplies until 2018 through the development of light, tight oil from shale deposits and oil sands, the IEA said in its medium-term market report.

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.