Here’s What Donald Trump Said About Oil Prices, Interest Rates At Davos: ‘I’m Also Going To Ask Saudi Arabia And OPEC To…’
On Thursday, West Texas Intermediate futures maturing in March 2025 traded nearly 0.5% lower, while Brent futures maturing in the same month were down almost 0.4%.
FollowCrude oil prices declined on Thursday after U.S. President Donald reportedly said at the World Economic Forum that he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to lower prices.
Trump also remarked that Saudi Arabia and OPEC were responsible for sparking the war in Ukraine because of higher oil prices and that the war would end if the prices were brought down.
“I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil,” Trump said in his address to the World Economic Forum at Davos, according to a CNBC report. “If the price came down, the Russia-Ukraine war would end immediately.”
“They’re very responsible, actually, to a certain extent, for what’s taking place,” the U.S. President said of the Saudis and OPEC. “Millions of lives are being lost.”
On Thursday, West Texas Intermediate futures maturing in March traded nearly 0.5% lower, while Brent futures maturing in the same month were down almost 0.4%.
The United States Oil Fund LP (USO), an exchange-traded security designed to track the daily price movements of light, sweet crude oil, was down over 0.5%.
On Stocktwits, retail sentiment dipped further into the ‘bearish’ territory (26/100), accompanied by ‘high’ retail chatter.
USO’s Sentiment Meter and Message Volume as of 1:06 p.m. ET on Jan. 23, 2025 | Source: Stocktwits
One user questioned whether Trump would be able to sway Saudi Arabia.
Meanwhile, Trump also said he would ask for an immediate reduction in interest rates, which he said had pushed deficits higher.
“This begins with confronting the economic chaos caused by the failed policies of the last administration,” Trump said, according to a Bloomberg report. “Over the past four years, our government racked up $8 trillion in wasteful deficit spending and inflicted nation-wrecking energy restrictions, crippling regulations and hidden taxes like never before.”
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