Oil

Key oil and gas facilities along the Texas Gulf Coast have temporarily shut down as Hurricane Harvey pounds the region with torrential rain and high winds, virtually assuring gasoline prices will rise in the storm's aftermath.

Extreme flooding threatens to bring Texas shale activity to a halt. Many offshore rigs and refineries have already shut down.

Oil prices rose on Friday as the dollar fell and as U.S. petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade.

FBN’s Lauren Simonetti on Hurricane Harvey’s impact on gas prices, Apple and the markets.

FBN’s Lauren Simonetti on Hurricane Harvey’s impact on gas prices, Apple and the markets.

Hurricane Harvey could cause U.S. gasoline prices to rise, with the storm expected to hit a refinery-rich stretch of the Gulf Coast.

The storm may disrupt operations at up to 30 refineries located along the Texas coast.

Oil prices slipped on Thursday, giving up some recent gains as the dollar strengthened ahead of a meeting of central bankers in Jackson Hole, Wyoming, which could signal changes to monetary policy.

Royal Dutch Shell, Anadarko Petroleum and Exxon Mobil announced they were curbing some oil and gas output on Wednesday at facilities in the Gulf of Mexico ahead of a storm expected to hit the Texas coast later this week.

Oil prices rose on Wednesday after U.S. crude inventories declined for the eighth straight week and a storm approached the Gulf Coast with the potential to disrupt oil and refined products output.

Oil inched up on Tuesday, lifted by expectations of another crude stockpile drawdown in the United States but price gains were limited amid the reopening of Libya's largest oil field.

Oil inched up on Tuesday, lifted by expectations of another crude stockpile drawdown in the United States but price gains were limited amid the reopening of Libya's largest oil field.

U.S. stocks ended up on Tuesday, with each of the three major indexes posting their best one-day percentage gains in over a week, as lawmakers' comments on tax reform and the debt ceiling boosted investor optimism.