Given the weak global economy, further upside potential is likely to be largely exhausted, even if Saudi Arabia continues its production cuts. In fact, as soon as the US enters a recession, prices are likely to fall again. 

We expect the price of Brent to trade just below $90 per barrel on average next year. Only a further significant supply cut from Saudi Arabia or a soft landing of the US economy would likely be able to prevent this from happening.

The Oil price will do little to prevent inflation rates from falling further.