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Crude oil rises above 80 (intra-day high: 80.23) in European morning. Investors are awaiting the EIA's inventory report. As the market anticipates modest build in crude oil inventory, a surprising draw could trigger strong buying which may push price above the said intra-day high. However, we doubt if the rally will be sustainable as the inventory draw was to a large extend driven by hurricane Ida, rather than recovery in demand.
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