United States President Donald Trump urged Saudi Arabia and OPEC to lower oil prices during his speech at the World Economic Forum (WEF) in Davos, Switzerland. International crude oil prices fell on January 23. The uncertainty surrounding President Trump's proposed tariffs and energy policies also exerts pressure on oil prices, affecting global economic growth and energy demand.

West Texas Intermediate (WTI) crude for March delivery decreased by US$0.82 (1.09%), reaching US$74.62/barrel on the New York Mercantile Exchange. Brent crude for March delivery fell by US$0.71 (0.9%), settling at US$78.29/barrel.