Oil dips on new data suggesting an economic rebound may be slow to gain traction

Oil prices edged lower on new U.S. government data that indicated a slow economic recovery.

That would mean less demand for energy in the near term and increased the chance of low-priced gasoline and heating gas for some time.

Benchmark crude for October delivery slipped three cents to settle at US$72.47 a barrel on the New York Mercantile Exchange. Prices crested at $73.16 a barrel in morning trading, the highest that crude has reached this month.

At the pump in the United States, retail gas prices dropped nearly a penny overnight to a new national average of $2.55 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Gas prices are now falling away from the peaks reached in June at the outset of the driving season, when a gallon hit $2.69. (more)