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The reaction you're describing involves dehydration of oleic acid to form oleic anhydride. This is a common organic reaction, but P2O5 (phosphorus pentoxide) is not typically used as a dehydrating agent for this specific transformation. P2O5 is a strong dehydrating agent, but it can be difficult to control its reactivity and may lead to unwanted side reactions. Commonly employed methods for oleic anhydride synthesis involve using reagents like acetic anhydride, DCC (dicyclohexylcarbodiimide), or a combination of a carboxylic acid activator and a base.