Oil Ends Higher Despite Jump In Weekly U.S Crude Supplies

Oil futures settled higher on Wednesday even though the U.S. government reported a much bigger-than-expected increase in weekly crude supplies. Analysts said prices likely found support on the heels of Saudi Arabia's decision to raise prices for its Arab Light crude and comments from the country's oil minister - both of which implied growing demand for oil. April crude rose $1.01, or 2%, to settle at $51.53 a barrel on the New York Mercantile Exchange.