Oil declined as soft US economic data and concerns about rising supplies eroded the risk-on sentiment from a court ruling that blocked a swath of the Trump administration’s tariffs.
Just days after a Texas oil firm shocked California environmentalists and regulators by announcing the resumption of offshore oil production near Santa Barbara County, a court has ordered the company to cease further coastal construction or repairs until the company obtains official approvals.
Curious Minds Corner
How much energy potential is packed into one barrel of oil?
Roughly 5.8 million BTUs (British Thermal Units), which could power an average US home for several days (energy equivalent to about 1,700 kWh).