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.

"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.

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.

U.S. President Donald Trump on Thursday proved that words can be just as powerful as actions — at least temporarily — after his promise to ask the Saudis and OPEC to lower the cost of oil led to a downturn in crude prices.