Oil prices rose nearly 1 percent on Friday as the dollar fell and the U.S. Gulf Coast braced for Hurricane Harvey, on track to become the biggest storm to hit the United States mainland in more than a decade. The dollar , in which oil is priced, fell after Federal Reserve Chair Janet Yellen made no reference to U.S. monetary policy in her speech at the annual central bank research conference in Jackson Hole, Wyoming. Harvey strengthened into a powerful Category 3 storm, last located about 75 miles (120 km) east-southeast of Corpus Christi, Texas, in the Gulf of Mexico and packing top sustained winds of 120 miles per hour (195 kph).

Refineries, terminals, onshore and offshore production operations and other infrastructure have shut or begun storm preparations with Harvey set to make landfall on the Texas coast on Friday night or early on Saturday. The NHC, which has warned that catastrophic flooding was expected across portions of southern and southeastern Texas, expects Harvey to move slowly and linger over Texas for days.

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