In the U.S., recent data showed that first-time applications for unemployment benefits increased and the number of jobless individuals reached a 2-1/2-year high by the end of June. The ADP Employment report revealed that private payrolls grew by 150,000 jobs in June, falling short of the expected 160,000 increase. The ISM Non-Manufacturing index, a gauge of U.S. services sector activity, dropped to a four-year low of 48.8 in June, well below the consensus of 52.5 due to a significant decline in orders.
Oil prices fell in early trade on Thursday, influenced by weaker-than-expected U.S. employment and business activity data. This suggests a potential cooling of the economy in the world’s leading oil-consuming nation. Brent crude futures dropped 30 cents to $87.04 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 32 cents to $83.56 by 0030 GMT
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