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

Saudi Arabia and OPEC's focus is on ensuring long-term market stability to meet growing demand, including from the U.S. and the rise of artificial intelligence, Saudi Minister Alibrahim said. Read also: Saudi summit helped isolate Russia,

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.

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.

Oil Prices Fall After Four Weeks of Gains as U.S. Boosts Domestic Supply. Will Trump’s policies hurt crude oil’s recovery?

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

Brent crude futures settled 71 cents lower at $78.29 a barrel. U.S. West Texas Intermediate crude (WTI) settled down 82 cents to $74.62

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.

Crude oil futures fell for the week, as Trump said he would seek lower oil prices from OPEC, implying a need to increase output, but lower oil prices also result in lower profitability.

The P/E ratio measures a company's stock price relative to its earnings per share. A high P/E suggests that a stock has become expensive compared to its earnings - a crucial fundamental for a company - and is potentially overvalued.

Any conversation between the two would mark the first time a sitting U.S. president and Putin have spoken since the war in Ukraine began, although former President Joe Biden held phone calls with Putin multiple times in the leadup to Moscow's invasion to urge Putin against it.