Oil Prices up After Bullish Saudi Comments

A view shows the Yan Dun Jiao 1 bulk carrier in the Vostochny container port on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on Aug. 12, 2022. Tatiana Meel/Reuters

LONDON—Oil prices rose on Wednesday following a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts.

Brent crude futures rose $1.09, or 1.42 percent, to $77.93 a barrel by 1048 GMT, while U.S. West Texas Intermediate crude (WTI) gained $1.14, or 1.56 percent, to $74.05 a barrel.