According to Reuters oil prices fell from a four-week high Monday, as Hurricane Ida faded after forcing precautionary shutdowns of US Gulf oil production, and the focus shifted to an OPEC meeting on Wednesday to consider a further increase in output.

Moreover, Reuters stated that Brent crude was down 35 cents, or 0.5 percent, at $72.35 by 0815 GMT, after hitting a high of $73.69 earlier. Crude oil in the United States declined 69 cents, or 1%, to $68.05, after reaching a high of $69.64, the highest since August 6.

According to the Office of Safety and Environmental Enforcement, energy companies had shut down 91 percent of oil production in the US Gulf of Mexico by Saturday, or 1.65 million barrels per day, as Ida approached drilling rigs and other infrastructure.

By midday Saturday, oil and gas firms had evacuated 290 offshore installations and relocated 11 drilling ships out of harm's way, according to reports.

After becoming a highly hazardous Category 4 hurricane, "Ida" slammed into "Port Fortune" shore in Louisiana, the heart of the Gulf's maritime oil industry, as per the National Hurricane Center.