Answer

It is problematic, especially in light of what is ruled in the Shulchan Arukh, that it is forbidden to read by candlelight even when it is ten cubits high, because of the rule that no distinction is made in the decree, unless someone is appointed to watch.
Still, I do not entirely rule out the possibility of permitting it, since we do find several cases in which they allowed something where the reality had completely changed (as with candles for which tilting is not relevant). It seems to me that there ought to be a consensus on this among many of the sages of our time, and then it would be possible to permit it.
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Questioner (another one):
I saw such an opinion in Yalkut Yosef:
 
Regarding a wax candle, the halakhic decisors disagreed as to whether it is permitted to read by its light on Friday night. Some forbid it, by decree lest one trim the top of the wick, which would amount to extinguishing, while some decisors permit it. And although the main ruling follows the forbidding opinion, since that is the view of Maran the Beit Yosef, nevertheless, with the wax candles of our time, whose light is clear and which do not require trimming, it is permitted to read by their light. And the same applies to candles made of paraffin, whose light is very clear, that it is permitted to read by their light. [From Maran’s words in the responsa Yabia Omer, part 1, siman 16, sections 6–9, it is clear that he tends more toward stringency regarding a wax candle, and this is also stated in the first edition of Yalkut Yosef, Sabbath, volume 1, p. 317. But in Halikhot Olam, vol. 3, he presented grounds for leniency in this matter. And the later ruling is the primary one. Such is the way of Torah.]
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Rabbi:
Good. If so, this is a rabbinic-level doubt, and one may be lenient.