Investors’ confidence in strong demand and supply reductions helped oil prices rise on Friday, marking the fifth straight week of gains.

The outlook for global growth and energy demand has been improved, which has increased risk appetite in broader financial markets. This is due to growing expectations that policy tightening campaigns by central banks like the US Federal Reserve and European Central Bank will soon come to an end.

As a result of the US second quarter gross domestic product growing at a forecast-beating 2.4 percent, Federal Reserve Chairman Jerome Powell’s belief that the economy can achieve a soft landing was strengthened.

While it is looking more and more likely that the United States will avoid a recession, investors are warming up to the idea of peak rates approaching.

OPIS’ Tom Kloza explains why oil and gasoline prices will go ‘considerably higher’ from here