Crude prices rebound after U.S. storage fell for third consecutive week

Crude prices rose on Wednesday away from a one-month low hit yesterday, after U.S. crude stocks fell for the third straight week. 

U.S. crude futures last traded at $49.79 a barrel, up from the opening of $49.35, with an intraday high at $50.17, and a low at $48.92. 

The Energy Information Administration released its report on U.S. crude stocks, showing a drawdown of 3.6 million barrels in the week ending April 21, while analysts expected a 1.1M drop, adding to the previous reading's 1.0 million drop. 

As U.S. crude stocks fell again, the market oversupply was eased and prices were boosted today. 

Negative pressures mounted after the U.S. oil count rose last week for the fourteenth week in a row, indicating rising U.S. shale production.