Interesting quote from Goldman Sachs today:
"Once the price of Brent 
crude /oil/ reaches $125 /per barrel/, global economic growth becomes 
challenged and ultimately makes QE self-defeating. "
(Today, Brent crude is trading at $113.)
And from Zero Hedge regarding oil:
"The
 unending efforts of our glorious central-banking planners to raise 
asset prices and encourage 'animal spirits' through the trickle-down of 
unicorn-tears via the wealth effect have side-effects. Unintended 
consequences of 'leaking liquidity' finding its way into hard assets and
 'things that have relatively limited supply' have stalled hopes of a 
stimulus in China (/due to high/ food inflation) and caused refis to 
mysteriously lag on misplaced future rate expectations in the US (ZIRP 
/the Fed's Zero Interest Rate Policy/). The biggest 'problem' the 
central-bankers face, however, is energy prices. The liquidity surges 
directly impact the price of oil (which is already under pressure from 
the ever-igniting fears of Middle-East flare-ups)."