Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East..Israeli warplanes pounded the northern Gaza strip for a second day on Wednesday in a fierce assault that has shattered weeks of comparative calm. Israel also said it was moving forward with plans for an all-out assault on Rafah in the south.Meanwhile, U.S. business activity cooled in April to a four-month low, with S&P Global saying on Tuesday its flash Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 50.9 this month from 52.1 in March.The U.S. Federal Reserve has been spooked by a string of stronger-than-expected inflation and employment readings, which suggest the fight to bring inflation back down to the central bank's 2% target rate has stalled or reversed.