President Donald Trump will give a virtual address and answer questions from the World Economic Forum on Thursday.

Trump tells OPEC to lower oil prices in remarks to World Economic Forum.

Oil fell 1% on Thursday after U.S. President Donald Trump urged Saudi Arabia and OPEC to bring down its cost during his address at the World Economic Forum.

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.

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.

"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.

U.S. President Donald Trump demanded OPEC lower oil prices and the world drop interest rates in a speech to global business and political leaders and warned them they will face tariffs if they make their products anywhere but the U.

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.

President Donald Trump threatened business leaders with higher tariffs, vowed to “demand” decreased oil prices from Opec and called for lower interest rates from central banks in a boast-filled address to the World Economic Forum in Davos, Switzerland.

The president's remarks follow an announcement by Saudi Arabia's Crown Prince that the kingdom will invest $600 billion in the US.

Saudi Arabia's Economy Minister announced a $600 billion investment and trade partnership with the United States. The plan, revealed by the Crown Prince, includes both public and private sector contributions.

Oil futures traded higher Thursday, a day after the U.S. benchmark saw its lowest settlement of the new year, as traders continued to weigh the possibility that President Donald Trump will implement tariffs on Canada and Mexico, which are among the biggest sources for U.S. oil imports.