Crude prices return higher after U.S. inventory drawdown

Crude prices returned higher on Wednesday after a negative start, following the EIA report that showed a drop in U.S. crude stocks, buoying prices. 

U.S. crude futures last traded at $48.22 a barrel, up from the opening price of $47.89, with an intraday high at $48.40, and a low at $47.38. 

The Energy Information Administration released its weekly report on U.S. crude stocks, showing a drop of 1.3 million barrels in the week ending November 18, compared to the previous reading's 5.3M rise, while analysts expected a 0.3M rise. 

Falling U.S. crude inventories have a positive impact on the market, with crude prices returning higher after a negative start, trading near a month high. 

Crude prices fell earlier today due to worries about OPEC's ability to reach a deal to cut production enough to sap the global oversupply and support prices.