By Adedapo Adesanya
Oil prices fell on Tuesday, losing early gains, after President Donald Trump announced that he fired National Security Advisor (NSA), Mr John Bolton.
Brent crude which climbed above $62 per barrel on Monday, dropped 16 cents or 0.26 percent to $62.43 per barrel, while the U.S. West Texas Intermediate (WTI) crude settled 34 cents or 0.59 percent lower at $57.51 per barrel.
Mr Trump said Tuesday he fired national security advisor John Bolton, saying on Twitter he had “disagreed strongly with many of his suggestions.”
“I informed John Bolton last night that his services are no longer needed at the White House. I disagreed strongly with many of his suggestions, as did others in the Administration, and therefore I asked John for his resignation, which was given to me this morning,” President Trump said in a tweet.
Before the President’s announcement, oil markets were headed higher on Tuesday toward its longest run of gains since late July.
The commodity had been rising on the updated outlook from Prince Abdulaziz bin Salman, Saudi Arabia’s new energy minister and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC).
Business Post gathered that Saudi Prince Abdulaziz said the kingdom’s policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained.
This follows as OPEC+ joint ministerial monitoring committee (JMMC), which reports on compliance with the cuts, is set to meet on Thursday in Abu Dhabi.
There have been concerns about producers’ adherence to the agreement as OPEC members Iraq and Nigeria, among others, exceeded their quota in August and Russia also did not fully comply.
Dipo Olowookere