Oil prices extend gains, set for weekly gain of more than 4%

Oil prices extended gains on Thursday, set for a weekly gain of more than 4% as the war in Ukraine intensified after Russian President Vladimir Putin warned it could turn into a global conflict.

Brent crude futures were up 10 cents, or 0.1%, at $74.33 a barrel by 0448 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.2%, at $70.23 a barrel.

Both crudes rose 2% on Thursday and are expected to post weekly gains of more than 4%, their best performance since late September, according to Reuters.