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 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.

President Trump is urging Saudi Arabia and OPEC to increase oil output to pressure Russia into ending the war in Ukraine, while also threatening additional sanctions against Russia.

Crude futures are headed for weekly declines after U.S. President Trump outlined plans to boost domestic production and said he would ask Saudi Arabia and OPEC to lower oil prices. Brent crude and WTI both rose 0.

Trump’s push for cheaper oil, rising U.S. inventories, and OPEC’s next move weigh heavily on crude oil markets. Will prices fall further?

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US President Donald Trump has reiterated calls for Opec to cut oil prices, linking higher prices to a prolongation of the war in Ukraine. Speaking to reporters after arriving in North Carolina to inspect flood damage from Hurricane Helene on Friday, Trump said that his administration wanted the producer group to “get on the ball” and cut prices.

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

The president says he wants Opec and Saudi Arabia to bring down the price of oil which he says is fuelling the Russia-Ukraine war.

Most major stock markets in the Gulf were subdued on Monday due to uncertainty surrounding U.S. trade policy, although the Saudi Arabian bourse bucked the trend, rising on strong gains from real estate companies.