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.

Vandana Hari of Vanda Insights says that Trump's declaration of a national energy emergency was probably meant to send a strong message of his intentions to deregulate the oil and gas industry, and that it's unlikely OPEC would increase production as it is not in their interests.

The U.S. swiftly reversed plans to impose sanctions and tariffs on Colombia after the South American nation agreed to accept deported migrants from the United States, the White House said late on Sunday. Colombia last year sent about 41% of its seaborne crude exports to the U.S., data from analytics firm Kpler shows.