Oil futures slipped Thursday as traders who had bet on higher prices locked in profits after Wednesday’s rally, while gasoline futures hit a three-week high on expectations of rising demand. Light, sweet crude for July delivery settled down 33 cents, or 0.3%, at $103.74 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange fell 19 cents, or 0.2%, to $110.36 a barrel. Oil prices rose to a one-month high Wednesday after weekly government data showed that U.S. oil supplies unexpectedly fell by 7.2 million barrels last week. The decline was largely due to a drop in imports to the lowest weekly level since 1997. However, domestic oil supplies are just 2% below the record high reached April 25. “We had a pretty incredible run this week,” said Phil Flynn, analyst at Price Futures Group in Chicago. “We’re really catching […]