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.

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.

Trump said he planned to ask the oil cartel to lower prices, which he said would lead to a swift end to Russia's war in Ukraine.

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

Crude oil futures fell on Thursday after President Donald Trump said he will ask Saudi Arabia and OPEC to reduce prices. “I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil,” Trump said in an address to the World Economic Forum.

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.

Donald and Melania Trump are stopping in North Carolina, California and Nevada during the first second term trip. Follow along for live updates.

He did not offer clear details on what he would replace it with, but indicated he wants to move more of the disaster management responsibility to the states.

Oil prices settled slightly higher on Friday but posted a weekly decline, ending four straight weeks of gains, after U.S. President Donald Trump announced sweeping plans to boost domestic production while demanding that OPEC move to lower crude prices.

President Trump is urging Saudi Arabia and OPEC to increase oil output to pressure Russia into ending the war in Ukraine, while also threatening additional sanctions against Russia.

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.