Saudi Arabia's Energy Minister Khalid al-Falih talks to journalists before a meeting of OPEC oil ministers in Vienna, Austria, June 2, 2016. REUTERS/Leonhard Foeger
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Oil prices dipped in Asia Friday after Saudi Arabia's oil minister cast doubt on the need to cut output, denting hopes for a deal at talks next month aimed at addressing a global supply glut.The commodity rallied for seven straight sessions and entered a bull market -- a 20 percent rise from recent lows -- last week after OPEC and Russia announced plans to discuss the supply crisis, which has hammered the crude market for more than two years.However, even if a deal is reached in Algeria, there are doubts about the impact a production cap may have on an already oversupplied market.
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