European stocks close: stocks closed higher ahead of the latest Fed’s minutes

Stock indices closed higher ahead of the release of the latest Fed's minutes later in the day. Market participants will closely analyse the minutes for hints for further interest rate hikes.

Higher oil prices supported stocks. Oil prices rose on the U.S. crude oil inventories data. According to the U.S. Energy Information Administration (EIA) on Wednesday, U.S. crude inventories declined by 4.9 million barrels to 529.9 million in the week to April 01. Analysts had expected U.S. crude oil inventories to rise by 3.5 million barrels.

Market participants also eyed the economic data from the Eurozone. Destatis released its industrial production data for Germany on Wednesday. German industrial production fell 0.5% in February, beating expectations for a 1.8% drop, after a 2.3% rise in January. January's figure was revised down from a 3.3% increase.

The output of capital goods decreased 1.0% in February, energy output declined 1.8%, and the production in the construction sector was up 1.3%, while the production of intermediate goods climbed 0.1%. The output of consumer goods declined 1.0% in February.

German industrial production excluding energy and construction fell by 0.5% in February.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,161.63 +70.40 +1.16 %

DAX 9,624.51 +61.15 +0.64 %

CAC 40 4,284.64 +34.36 +0.81 %