Oil prices retreated on Monday after the U.S. pulled back from initial sanctions threats against Colombia, reducing immediate concern over oil supply disruptions, though U.S. President Donald Trump's muscle-flexing is keeping markets twitchy.

By Newsbase 'Right now the price is high enough that that war will continue,' Trump said at Davos. WHAT: Trump is seeking OPEC support to bring down oil prices. WHY: The US President said lower oil prices would bring about a faster end to Russia’s war in Ukraine.

According to Reuters, Brent crude futures fell by 53 cents, or 0.68%, to $77.97 per barrel, after rising 21 cents on Jan. 24. West Texas Intermediate (WTI) crude in the U.S. dropped by 50 cents, or 0.

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 prices experienced a decline on Monday, after US President Donald Trump’s public call for OPEC to lower prices. This statement from Trump followed the announcement of extensive measures to increase US oil and gas production.

US President Donald Trump said that the key to ending Russia's war against Ukraine is in the hands of the OPEC+ alliance of oil-producing countries. In his opinion, declining world prices will hit Moscow's revenues and force Vladimir Putin to the negotiating table.