Gasoline Spikes, Oil Retreats as Hurricane Ida Batters Louisiana

A severe storm has hit the US Gulf Coast, causing significant power outages and impacting oil production. Despite the devastation, crude prices remain stable, though gasoline futures have risen due to anticipated supply disruptions. The market is optimistic about a quick recovery of oil production, with minimal long-term damage expected to oil rigs and refineries.

What percentage of oil output has been affected by the storm?

What is the market's outlook on the long-term damage to oil production facilities?