Oil Slips, Production Slows Until Hurricane Passes – 29 August, 2019

After three days of gains, oil dipped over growing concerns about the future of the global economy and U.S.- China trade tensions. International Brent crude fell 0.2% or 10 cents to $60.98, erasing Thursdays 1% gains.U.S. oil dropped 6 cents, 0.1%, to $56.65 per barrel, though declining U.S. inventories as well as preparations for a quickly approaching hurricane in Florida helped prop prices up to an over 4% gain this week. The nations main delivery hub in Cushing, Oklahoma noted a 2 million barrel decline, dropping to the lowest since November. U.S. crude providers may have to take precautions and slow input until the storm passes as Hurricane Dorian is expected to make landfall and potentially enter the Gulf of Mexico next week.