The global oil market saw a shift from pessimism to optimism following OPEC's announcement of a possible rollback of production cuts. Traders initially misinterpreted the cartel's intentions, leading to a slump in prices. However, OPEC clarified that any production increase would be market-dependent, easing concerns. Expectations of strong fuel demand in the U.S. during the driving season also contributed to the positive sentiment. Despite subpar industrial activity data from China, the market remained hopeful due to OPEC's commitment to supply discipline. While speculators bought back oil futures, bearishness still prevailed amid concerns about spare capacity and rising production from other countries. U.S. shale growth is expected to be modest, with drillers prioritizing capital discipline. Volatility remains high, with market reactions sensitive to EIA reports. The uncertainty in oil prices poses challenges for the Biden administration in managing gas prices ahead of the upcoming elections.