Oil prices fell on Monday despite expectations of tighter supply and output cutbacks from OPEC+ as worries about a slowing global economy and potential future interest rate increases from the U.S. Federal Reserve weighed on the market.

Brent crude futures slipped 4 cents to $75.37 per barrel while US WTI dropped 4 cents at $70.55 per barrel.

After figures on Friday showed U.S. inflation was still above the central bank's 2% objective and fueled anticipation it will raise interest rates again, concerns about a further downturn harming fuel demand increased.

By the end of June, Brent had declined for four quarters in a row, while WTI had experienced a second quarterly decline as the world's two largest economies, the U.S. and China, slowed down.

Since top exporter Saudi Arabia pledged a further 1 million barrels per day output cut in July, while the United States is gradually rebuilding its Strategic Petroleum Reserve, some experts anticipate supplies to tighten and drive prices higher in the second half.