Oil prices declined in early Asian trade as concerns over global macroeconomic conditions and potential interest rate hikes offset expectations of tighter supplies due to OPEC+ cuts. Brent crude futures fell by 0.3% to $75.21 a barrel, while US West Texas Intermediate crude dropped by 0.3% to $70.41 a barrel. The drop in oil prices came as fears of a further economic slowdown increased after US inflation data indicated that it was surpassing the Federal Reserve's target of 2%. Analysts expect oil prices to continue rising in the second half of the year as supplies tighten.