"Black gold" has fallen sharply in price after US President Donald Trump announced his intention to lower oil prices.

Axar.az reports, citing Interfax, that as of 20:35 Baku time, the price of March futures for Brent crude oil on the London ICE Futures exchange is $78.42 per barrel, which is $0.58 (0.73%) less than the closing price of the previous auction.

At the auctions held on the New York NYMEX commodity exchange, the price of March futures for WTI crude oil fell by $0.72 (0.95%) to $74.72/barrel.

Before Trump's speech, oil prices were rising.

Recall that Trump, speaking via video link to participants of the World Economic Forum in Davos, said that he would ask Saudi Arabia and OPEC to lower oil prices.