FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File PhotoTOKYO : Oil prices fell in early trade on Thursday after U.S. employment and business activity data came in weaker than expected, in signs the economy may be cooling in the world's top oil consuming nation.
In the United States, data on Wednesday showed first-time applications for U.S. unemployment benefits increased last week, while the number of people on jobless rolls rose further to a 2-1/2-year high towards the end of June. In a further sign of a loss of momentum in the economy, the ISM Non-Manufacturing index, a measure of U.S. services sector activity, fell to a four-year low of 48.8 in June, well below the 52.5 consensus, amid a sharp drop in orders.