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Oil on troubled waters? US, France want to calm voter rage by releasing strategic reserves


The French prime minister has said that there's a “good chance” the United States and Europe will agree to release oil reserves into the market to drive down crude prices, but discussions are still ongoing.

­France is the latest nation to contemplate tapping into its reserves, with hopes that a joint release with the US and the UK could curb rising prices. Crude oil prices, which have risen almost 16 per cent since the start of the year, fell more than a dollar on the news. The move, according to different sources, could come in a matter of weeks – but the countries are awaiting conclusions from the Paris-based International Energy Agency (IEA), which coordinates emergency stock releases in case of severe supply disruptions.

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