Oil Unlikely to Hit $50 Bbl: Analyst

11:50 PM ET Wed, 15 Oct 2008

Peter McGuire, MD of Commodity Warrants Australia has revised down his price target for oil to $60 to $80 a barrel. But he believes that it is unlikely to drop as low as $50. He makes his case CNBC's Maura Fogarty & Sri Jegarajah.