Oil slides after Trump's firing of National Security Adviser John Bolton calms war fears

FILE PHOTO: Pump jacks operate in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick OxfordPump jacks operate in an oil field in MidlandReuters

  • Oil pricesfell on Tuesday after President Trump fired National Security Adviser John Bolton.
  • Oil futures traded as much as 1% lower to $57.30 a barrel after Trump announced Bolton's departure on Twitter.
  • Bolton's exit likely eased traders' worries that the US could use military action as a diplomatic tactic as tensions continue to flare in the Middle East and Asia.
  • Watch Oil trade live.

Oil prices sunk on Tuesday after President Trump announced National Security Adviser John Bolton would be leaving the White House.

Futures fell as much as 1% to $57.30 a barrel following the announcement. Bolton's leave likely eased worries that the US might take military action as tensions continue to boil in the Middle East and Asia.

"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," Trump said in a tweet on Tuesday.

He continued in another tweet: "I asked John for his resignation, which was given to me this morning. I thank John very much for his service. I will be naming a new National Security Advisor next week."

Bolton rose to become a controversial figure in the Trump administration, and at times has advocated for preemptive military strikes against North Korea and Iran.

The losses erase some of the gains oil posted yesterday after Saudi Arabia's new Energy Minister signaled OPEC and its allies might continue to lower output.

Read more: A CIO overseeing $333 billion says it's time to shelve one of the most trusted approaches to investing for the long haul. Here's what he says clients should do instead.

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