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US, UK set to agree emergency oil stocks release

March 15, 2012 11:44 P.M. (Updated: March 15, 2012 11:44 P.M.)
By: Richard Mably
LONDON (Reuters) -- Britain has decided to cooperate with the United States on a release of strategic oil stocks that is expected within months, two British sources said, in a bid to prevent fuel prices choking economic growth in a US election year.

A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said.

Britain would respond positively, the two sources said.

Cameron said in New York on Thursday a possible release of reserves is "worth looking at" but that no decision had been made after his talks with Obama.
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