Oil prices pulled back Thursday, retreating from the previous day's big rally, as disappointing data on the U.S. economy signaled further cutbacks in energy demand for the world's thirstiest oil consumer.
Light, sweet crude for September delivery fell $2.81 to $123.96 a barrel in late morning trading on the New York Mercantile Exchange, after posting gains earlier in the day.
Prices surged $4.58 on Wednesday to settle at $126.77 after the government reported a surprise drop in U.S. gasoline supplies. The rally halted a dramatic two-week slide in which crude shaved 17 percent off its all-time high above $147, reached July 11.
The Commerce Department said U.S. gross domestic product rose 1.9 percent in the second quarter despite government tax rebates aimed at jolting the economy. Economists had expected growth of 2.4 percent.
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