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.

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 says he wants Opec and Saudi Arabia to bring down the price of oil which he says is fuelling the Russia-Ukraine war.

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.

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.

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

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.

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