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.

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.

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

Come make your product in America, and we will give you among the lowest taxes of any nation on Earth," said President Trump.

During a speech to the World Economic Forum on Thursday, President Donald Trump pressured the Saudi Crown Prince to increase his planned $600 billion investment in the U.S. "to a round $1 trillion" and to lower the global price of oil.

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.

Advertisement "I'm also going to ask Saudi Arabia and OPEC to bring down the cost ... China would have come along." Asked by World Economic Forum President and CEO Borge Brende if there will ...