The price of Brent crude oil has jumped rapidly back over $100 (above
Friday's highs) on news of a complete shutdown of Norway's oil
production after labor talks failed. Coupled with more hopes and dreams
of the so-far ineffectual Chinese monetary policy easing, it seems that all the
bullish lower-oil-prices-as-a-tax-cut arguments become entirely reflexive as
every time we see oil prices drop on global growth questions, so the central
bank puts provide just the ammo to remove that benefit as they BTFD in every
correlated risk asset - and Oil seems the 'cheapest' of those in the last few
weeks.
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