September 5, 2016 12:15 PM

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Oil prices slips in Asia, Russia-Saudi talks disappoint

Oil prices slipped in Asia today with traders disappointed by a lack of detail from Russia and Saudi Arabia on their plans to stabilise the crude market following talks at the weekend.Russian President Vladimir Putin met Saudi's Deputy Crown Prince Mohammed bin Salman on the sidelines of the G20 in China yesterday and said they would work to address a global glut and overproduction that has hammered prices for the past two years. However, they provided no information on how they would proceed, just weeks before Moscow and crude cartel OPEC meet in Algeria to discuss the crisis.The losses pared Friday's three percent gains, which came after Putin said Russia and other producing nations should freeze output to stabilise fluctuating prices. Russia and OPEC together produce half of the world's oil.

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