Brent Crude Jumping As Norway Stops Pumping

Tyler Durden's picture

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.