Crude futures were headed for weekly declines after President Trump outlined plans to boost domestic production and said he will ask Saudi Arabia and OPEC to lower oil prices.

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.

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.

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

Trump said he planned to ask the oil cartel to lower prices, which he said would lead to a swift end to Russia's war in Ukraine.

Oil took a sharp turn lower in Thursday dealings after President Donald Trump, speaking remotely at the annual meeting of the World Economic Forum in Davos, S

In an address to the World Economic Forum in Switzerland, delivered via video link Thursday, President Donald Trump revisited his displeasure with the policy direction of the U.S. Federal Reserve that surfaced during his first term in spite of having appointed the leader of the monetary body.

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

Oil futures were lower in early Asian trading after President Trump said he wants crude prices to be lower, ANZ research analysts said.

US President Donald Trump announced on Thursday that he would be asking Saudi Arabia and OPEC to bring down the cost of oil.