US President Donald Trump announced that he will ask Saudi Arabia and OPEC to lower oil prices.
Trump's position came during a televised speech from Washington, as part of the activities of the World Economic Forum held in the Swiss resort of Davos. He expected that OPEC's move to lower prices would lead to lower inflation and allow for lower interest rates. He also claimed that doing so would pressure Russia to end the war in Ukraine.
He added: "As oil prices fall, I will call for US interest rates to be lowered immediately. Likewise, they should be lowered all over the world."
After Trump's speech, oil prices fell, giving up their previous gains, with West Texas Intermediate crude futures prices falling 0.9% to below $75, after rising earlier to $76%. Meanwhile, Brent crude fell to below $79.
The US president pledged to take "swift action" to combat government spending and the increase in borrowing costs in his country, which he considered to have led to an economic disaster. “This begins by confronting the economic chaos caused by the failed policies of the previous administration. Over the past four years, our government has accumulated $8 trillion in deficits through failed spending, energy restrictions, crippling regulations, and unprecedented hidden taxes,” he said.
