France: "Good chance" of oil stock release
PARIS - France's prime minister says 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 that discussions are ongoing.
The price of benchmark crude tumbled almost $2 on Wednesday on expectations of a stock release. It fell another 49 cents to $104.92 on Thursday after Francois Fillon's remarks to France Inter radio.
Fears that a military attack on Iran's nuclear facilities would disrupt crude supplies have helped drive oil up from $75 in October. Energy prices are threatening to derail a fragile global economic recovery.
Fillon said France could tap reserves if it reaches agreement with other countries holding stocks. He said there's "a good chance that the United States and Europe will agree on this solution."
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