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.

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.

"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.

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.

U.S. President Donald Trump has raised the stakes for a meeting of an OPEC+ ministerial panel next month, with his call for the group to lower oil prices.

Addressing executives at the World Economic Forum in Davos, Trump minced no words as he accused the Saudis and OPEC of sustaining Russia’s military offensive in Ukraine by maintaining high oil prices.

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

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 has taken a harder line with Russian President Vladimir Putin than many in Ukraine expected, pressuring him to reach a deal with Ukraine to end the war.

President Donald Trump is emphasizing that targeting Russia's oil revenue is the best way to get Moscow to end its nearly three-year war against Ukraine.

OPEC+ has yet to react to a call from U.S. President Donald Trump for lower oil prices, with delegates from the group pointing to a plan already in place to start raising oil output from April.