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• WTI price could further depreciate as President Trump issued a sweeping plan to boost US production.
• Trump asked OPEC to bring down crude prices during his speech at the World Economic Forum in Davos.
• EIA Crude Oil Stocks fell by 1.017 million barrels last week, against the anticipated 2.1 million barrel drop.

West Texas Intermediate (WTI) Oil price halts its six-day losing streak, trading around $74.40 per barrel during the Asian hours on Friday. Crude Oil prices are on track for a weekly decline after US President Donald Trump announced a comprehensive plan to increase US production and called on OPEC (the Organization of the Petroleum Exporting Countries) to lower crude Oil prices.

In a speech delivered Thursday at the World Economic Forum in Davos, Switzerland, President Trump urged OPEC and its leading member, Saudi Arabia, to reduce the cost of crude Oil, according to Reuters.

Oil prices receive upward support from recent remarks from US President Donald Trump late Thursday. Trump expressed his desire for the US Federal Reserve (Fed) to lower interest rates without delay. “With Oil prices falling, I’ll demand that interest rates be cut immediately, and they should be reduced worldwide,” he said during the World Economic Forum in Davos, Switzerland. Lower borrowing costs would likely improve economic conditions in the United States (US), hence, supporting the demand for crude Oil.

Additionally, Oil demand may have increased following President Trump's remarks expressing a preference to avoid tariffs on China, the world's largest Oil importer. Trump voiced optimism about a potential trade deal with China after speaking with President Xi Jinping on Thursday, signaling possible progress in US-China trade negotiations.

Meanwhile, the US Energy Information Administration (EIA) weekly report showed that crude oil stockpiles in the United States for the week ending January 17 fell by 1.017 million barrels. This marked a smaller decline compared to the previous drop of 1.962 million barrels and fell less than the market consensus, which had anticipated a 2.1 million barrel decrease.

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