Oil prices rise on concerns over tightening supply

Brent crude futures rose 86 cents, or 1.1%, to US$77.70 a barrel by 0007 GMT, while the WTI gained 88 cents, or 1.2%, to US$73.79 a barrel.

NEW YORK: Oil prices gained on Wednesday after US oil and fuel supplies tightened and as a warning from the Saudi energy minister to speculators raised the prospect of further Opec+ output cuts.

Brent crude futures rose 86 cents, or 1.1%, to US$77.70 a barrel by 0007 GMT, while the US West Texas Intermediate crude (WTI) gained 88 cents, or 1.2%, to US$73.79 a barrel.