After spiking to $96 Brent crude has softened to $90 now. Production cuts by OPEC and Russia will keep crude prices elevated. Apart from supply, demand will influence the price and, therefore, global growth has to be carefully watched. If Chinese growth continues to struggle impacting global growth, oil demand will be soft restraining prices. MPC is unlikely to be influenced by the rise in crude price. MPC will hold the rates and maintain the stance in the meeting this week.