U.S. crude recovers ground on inventory drawdown

Crude prices rose on Thursday after the release of the EIA report on U.S. crude inventories, showing a drawdown, as crude faltered earlier after OPEC ended their biannual meeting without a deal on capping production. 

U.S. crude futures last traded at $49.11 a barrel, compared to the opening price of $48.88, with an intraday high at $49.45, and a one-week low at $47.95. 

The Energy Information Administration released its weekly report on U.S. crude inventories, showing a drop of 1.4 million barrels in the week ending May 27, compared to the previous reading's 4.2M draw, while analysts expected a drop of 2.7 million barrels. 

Crude prices suffered earlier losses following the OPEC meeting in Vienna as they haven't reached a deal on capping global production to stem the global supply glut. 

The dollar index, which tracks the greenback versus a basket of six major rivals, last traded at 95.49, compared to the opening of 95.39, with a session-high at 95.55, and the lowest level this week at 95.14, after the index hit an eight-week peak this week at 95.96 before returning lower and wavering.