Oil prices are down overnight as OPEC and non-OPEC members agreed to extend production levels for 9 more months, however they did not agree to cut production further. In lighter than normal European trading due to the Ascension Day holiday, the oil move has put a damper on the bullish reaction to yesterday’s Fed minutes which continued into the Asian sessions and took the ES to a new all-time high. The minutes showed that the pace of additional rate hikes is up for debate. Today’s economic data focus is Claims and Goods Trade @ 8:30am EST. Fed Governor Brainard speaks @ 10:00am EST. Now that the ES is at new highs, the bulls may take a shot at seeing how far they can run. Best guess is that after an initial move up, the bulls will fall into grinding mode… Size bias is up into the US session open.