Crude futures fell by -1.51% to settle at 4822 a third straight session as Europe's debt crisis and concerns about slowing global economic growth weighed on oil prices. Crude oil inventories showed a surprising decline of 2.446 mln barrels in the latest week against forecasting a build of 1.9 mln barrels. This week's decline, however, was still more than offset by last week's much higher than expected build in crude inventories. Even after this week's decline, crude oil inventories still remain at record highs for this time of year. Meanwhile in Europe, protests broke out in the streets of Madrid on Wednesday before the Spanish government's plans to unveil new austerity measures to accompany the country's 2013 budget later Thursday. Yields on Spain's benchmark 10-year government bond topped 6 percent earlier on concerns the country will run into problems financing itself. Buying by Japanese refiners pushed premiums on light crude to multi-month highs last week, while those on heavy grades softened by the end of the month. Market awaiting official selling prices (OSPs) for December cargoes and allocations by producers, which are due next week, before they begin trading for the month. Now technically market is getting support at 4784 and below could see a test of 4745 level, And resistance is now likely to be seen at 4878, a move above could see prices testing 4933.

Trading Ideas:

Crude trading range for the day is 4745-4933.

Crude fell as Europe's debt crisis and concerns about slowing global economic growth weighed on oil prices

The dispute between the West and Iran over Tehran's nuclear programme also continued to support prices.

U.S. government data showed that crude inventories unexpectedly fell 2.45 million barrels last week.