Crude oil futures rose as President Trump threatened tariffs on imports from Canada and Mexico, with uncertainty over how OPEC+ may respond to Trump's call for the group to reduce prices.

Oil prices slipped on Monday after U.S. President Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost U.S. oil and gas output in his first week in office.

Oil edged lower as traders weighed the possible fallout from President Donald Trump’s planned tariffs on major US crude supplier Canada and other countries and reports OPEC will evaluate potential changes to America’s energy policy.

Trump is pressuring Saudi Arabia and other OPEC members to expand oil production in order to lower prices. TD Securities' Bart Melek discusses why prices are likely to climb despite this.

Oil prices fell more than 1% on Monday after U.S. President Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost U.S. oil and gas output in his first week in office.

The Energy Information Administration (EIA), in its January Short-Term Energy Outlook, is forecasting global oil prices (Brent crude oil)

"You've got to bring down the oil price, you've got to end that war. They should have done it long ago," President Donald Trump said.

The OPEC+ group of leading oil producers is set to discuss President Donald Trump's efforts to raise U.S. oil production and take a joint stance on the matter, Kazakhstan said on Wednesday.

U.S. President Donald Trump on Friday reiterated his call for OPEC to cut oil prices to hurt oil-rich Russia's finances and help bring an end to the war in Ukraine.