Crude oil futures closed higher on Wednesday after Saudi Arabia's oil minister said oil demand was growing and data showed Chinese factories were producing more than expected.



A larger-than-expected U.S. crude inventory build reported by the government initially hemmed in bullish sentiment, while falling refined product inventories provided support.

U.S. April crude settled up $1.71, or 3.47 percent, at $50.99 a barrel. Meanwhile, was up $2.70 at $61 a barrel.



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"The report is relatively bullish, despite the large crude oil inventory build," said John Kilduff, partner at Again Capital LLC.

"The draw downs in the refined product categories represent an offset and are supportive," Kilduff added.