Oil prices up

Oil prices rose on Wednesday after data showed US inventories and fuel supplies tightening and following a warning from the Saudi energy minister to speculators raised the prospect of further Opec+ output cuts.

Brent crude futures rose 88 cents, or 1.2 per cent, to $77.72 a barrel by 0837 GMT, while US West Texas Intermediate crude (WTI) gained 98 cents, or 1.3 per cent, to $73.89 a barrel.