After having a stellar start to the year, oil prices have slipped again as US President Donald Trump called on the world’s largest producers to lower prices. This makes next week’s meeting of the Organization of the Petroleum Exporting Countries’s Joint Ministerial Monitoring Committee all the more crucial.

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.

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.

"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.

Oil Prices Fall After Four Weeks of Gains as U.S. Boosts Domestic Supply. Will Trump’s policies hurt crude oil’s recovery?

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.

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.

"Despite the 'energy emergency' claims, the US is producing energy in record quantities," JPMorgan Asset Management wrote.