Oil and gasoline futures settled lower Thursday after a turbulent day in which prices were buffeted by slower-than-expected economic growth figures and Wednesday's government report of a sharp decline in inventories. Selling by investors to lock in profits from the previous day's rally also pressured prices, analysts said. Gas prices at the pump, meanwhile, climbed again overnight. Retail prices, which typically lag the futures market, are rising as retailers buy gasoline to supply drivers over the coming Labor Day weekend (Sept. 1-3). «People are expecting the one last surge in demand,» said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massavhusetts. But longer-term demand concerns remain. Second-quarter gross domestic product rose 4 percent in the second quarter, slower than many analysts had expected. And jobless claims rose unexpectedly last week to the highest level since spring. «The concern is that we're going to see some weakness,» Lynch said. Energy investors worry that a slower economy means less demand for oil and gasoline. Light, sweet crude for October delivery fell 15 cents to settle at $73.36 a barrel on the New York Mercantile Exchange, while September gasoline fell 2.07 cents to settle at $2.0801 a gallon. Both contracts alternated between gains and losses.
