Crude oil prices rose again today, notching their 5th straight week of gains. Bullish demand expectations were boosted on Thursday after U.S. second quarter gross domestic product grew at a forecast-beating 2.4%, supporting Federal Reserve Chairman Jerome Powell’s view that the economy can achieve a so-called “soft landing.” Investors are warming up to the idea of peak rates getting ever closer, while it is looking increasingly probable that the United States will avoid recession, said PVM analyst Tamas Varga. Meanwhile, policymakers in China have pledged to step up stimulus measures to invigorate the post-COVID recovery. Saudi Arabia is expected to extend the voluntary oil output cut for another month to include September, five analysts said, to provide additional support for the oil market. WTI traded up $.49 to close at $80.58. Brent traded up $.75 to close at $84.99.