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Massive crude oil inventory draw supports case for higher Brent

The private survey of oil stocks is out, and its a monster draw:

Oil: Private survey of inventory shows a much larger headline crude oil draw than expected

The official government data is due tomorrow morning out of the US.

Oil has been well supported:

Analysts at Standard Chartered have a US$90 target, and beyond, in sight:

From a fundamental viewpoint, we still think the rally can be sustained well past USD 90/bbl given our projected Q3 and Q4 global oil balances

This article was written by Eamonn Sheridan at www.forexlive.com.

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