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France Says Agreement on Emergency Oil Stock Use Is Closer

France said governments are moving closer to an agreement on a release of oil from emergency stockpiles to stem gains in crude that have driven prices to the highest levels in three years.

The prospects of an accord between the U.S. and Europe on tapping strategic reserves are “good” and consumers can “reasonably expect” a release, French Prime Minister Francois Fillon told France Inter Radio today. U.S. President Barack Obama and U.K. Prime Minister David Cameron discussed the move earlier this month. France will only use its oil reserve in coordination with other countries, Finance Minister Francois Baroin said on Europe 1 radio.