"It looks like petrol prices of $1.00 is now just a pipedream, with oil prices likely to stabilise above the $60 per barrel level," Commsec chief equities analyst Craig James said in his latest analyses of petrol prices.
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Petrol Price Jumped to 8 Week High
The price of petrol has risen to an eight-week high
The price of petrol has risen to an eight-week high, averaging 116.3c a litre, just as motorists across Australia began feeling comfortable with lower prices.
Prices in capital cities had been around $1.10 a litre, but analysts say the global oil market is set to respond with measures to stabilise prices at current levels.
One analyst suggested today that the body representing petroleum exporting nations, OPEC, would cut production this week.
"It looks like petrol prices of $1.00 is now just a pipedream, with oil prices likely to stabilise above the $60 per barrel level," Commsec chief equities analyst Craig James said in his latest analyses of petrol prices.
"It looks like petrol prices of $1.00 is now just a pipedream, with oil prices likely to stabilise above the $60 per barrel level," Commsec chief equities analyst Craig James said in his latest analyses of petrol prices.
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