Oil prices drop from record highs
 11 Apr 2008
Despite reaching record highs midweek, oil prices have dropped for the second consecutive day.
Settling at $109.49 (£55.50) a barrel, oil prices dropped 62 cents from its previous level of $110.11 a barrel, reports Bloomberg.
A new record high value was reached earlier in the week, as values soared past the previous highest oil price of $111.80 to hit $112.21 a barrel.
However, Rowan Menzies, head of research at Commodity Warrants, noted that there is a mismatch between market data and the cost of crude oil.
"There is a disconnect between the price of oil right now and what the data is telling us in terms of demand slowing down," he told the news source.
It has been predicted by the US Energy Department that demand for petrol in the country could dip over the summer months, the first time such an occurrence has happened in 17 years.
Jonathan Barratt, managing director of Commodity Broking Services in Sydney, told Bloomberg earlier this week that he expected oil prices to rise.
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