Yesterday’s Oil report surprised, showing a 1.4M reduction in US oil supplies. Brent crude has climbed to $80/barrel, a price not seen since November 2014. Market focus will be on another round of trade negotiations between the US and China. China’s Vice Premier Liu He and US Treasurer Secretary Steve Mnuchin meet in a summit in D.C. today. economic calendar is light with focus on Philly Fed and weekly Claims @ 8:30am EST. Cisco is down over 4% pre-market after slightly beating expectations but with a lukewarm forecast in the middle of analysts’ range. On deck today are WMT, JWN, JCP, and AMAT. Volatility continues to shrink, however comments from the US/China summit could change that today. Size bias is leaning short on light overnight volume into the US session open.