Brent crude futures were down 90 cents, or 1.14%, at $78.1 a barrel by 11:40 a.m. EST (1640 GMT). U.S. West Texas Intermediate crude (WTI) fell $1.01, or 1.34%, to $74.43.

U.S. President Donald Trump will virtually address the meeting of the World Economic Forum in Davos, Switzerland on Thursday at 11:00 a.m. EST. A special address followed by a dialogue with Donald J.

The World Economic Forum, colloquially called "Davos" after the location at which it's hosted in the Swiss mountains, is a yearly meeting of elites.