Gasoline Spikes, Oil Retreats as Hurricane Ida Batters Louisiana Oil closed modestly higher Monday in New York as offshore explorers assess damage from Hurricane Ida and investors shift focus to an OPEC+ meeting that could see more supply added to the market. U.S. oil futures settled above $69 a barrel for the first time in over two weeks after falling as much as 1.6% earlier. Gulf of Mexico producers had shut in about 1.7 million barrels a day of crude output ahead of the storm but most of these assets are expected to resume service steadily. In contrast, refineries in Louisiana may be slower to bring back operations. “The market is regarding the impact on crude production as minimal at this point from Ida unlike refining,” said Bart Melek, head of global commodity strategy at TD Securities. “This means less demand for feed as refiners have a reduced capacity, […]