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.