Oil Goes Down as Trump Asks OPEC to Cut Prices

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.

Uncertainty over how Trump's proposed tariffs and energy policies would affect global economic growth and energy demand also weighed on prices.

Brent crude futures LCOc1settled 71 cents, or 0.9%, lower at $78.29 a barrel. U.S. West Texas Intermediate crude (WTI) CLc1 settled down 82 cents, or 1.09%, to $74.62.

Prices dipped after Trump announced he would ask Saudi Arabia and OPEC to bring down the cost of oil during his speech at the World Economic Forum in Davos, Switzerland.

"Trump's call for lower oil prices will naturally be welcomed by consumers and businesses but received warily by the U.S. oil industry and other global suppliers," said Clay Seigle, senior fellow for energy security at the Center for Strategic and International Studies.

The energy industry has been calling for increased investments in global oil and gas projects, but bringing down oil prices could raise concerns about the economics of new projects, he added.

U.S. crude oil stockpiles slipped to their lowest level since March 2022 last week even as refining activity slowed, the Energy