Trump, in a speech delivered remotely to the World Economic Forum’s annual meeting in Davos, Switzerland, last week, called on Saudi Arabia and OPEC to boost oil production and bring down prices. OPEC+ members haven’t responded publicly, but top ministers are due to meet Monday in a regularly scheduled online meeting.

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 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.