04:53 AM EST, 11/22/2024 (MT Newswires) -- Crude oil prices are set to record a weekly gain amid concerns the Russia-Ukraine war is escalating.

Brent crude gained 0.4% to US$74.56 per barrel and West Texas Intermediate crude rose 0.4% to US$70.39/b at last look early Friday. Prices are on track to rise around 4% this week as Russia stepped up its Ukraine offensive after the U.K. and the U.S. allowed Kyiv to fire Western-made weapons into Russia.

Russian President Vladimir Putin warned of a global conflict, raising concerns of disruptions to oil supply from one of the world's largest producers, Reuters reported on Friday.

Price gains were capped by increasing U.S. crude oil and gasoline stocks and forecasts of a supply surplus in 2025, the report said.

"Our base case is that Brent stays in a $70 to $85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside," Reuters quoted Goldman Sachs analysts as saying in a note.