0808 GMT - Crude futures are headed for weekly declines after U.S. President Trump outlined plans to boost domestic production and said he will ask Saudi Arabia and OPEC to lower oil prices. Brent crude and WTI both rise 0.1% to $78.39 and $74.71 a barrel in early trade, but are down more than 3% on the week. In a speech to executives at the World Economic Forum in Davos, Trump called on OPEC to reduce crude prices, implying a need for the cartel to raise output. "In his previous term, President Trump was very vocal about OPEC needing to pump more oil," ING analysts say. "However, with Russia becoming increasingly more aligned with OPEC members through the OPEC+ alliance, as well as higher fiscal breakeven oil prices for key members, it will be no easy task to convince OPEC to increase output." (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

January 24, 2025 03:09 ET (08:09 GMT)

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