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Oil prices seesawed on Friday in a nervous market as the United States implemented a raft of tariffs on Chinese goods, which should prompt Beijing to retaliate, potentially including a duty on U.S. crude imports.Oil prices fell early on Friday along with stock markets.But by 0528 GMT, U.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.2 percent, from their last settlement at $$73.07 per barrel.Brent crude futures (LCOc1) were down 6 cents, or 0.1 percent, at $77.33 a barrel.Looming over the oil markets is the trade dispute between the United States and China, the world’s two biggest economies.Washington put the tariffs in place on Chinese goods from 12:01 a.m. Washington D.C. time (0401 GMT) on Friday.China has said it will retaliate, and major Chinese ports have already delayed clearing goods from the United States, according to several sources.”We’re headed for an unparalleled trade conflict between the world’s largest economies,” said Stephen Innes, head of trading for Asia/Pacific at brokerage OANDA.\As part of the retaliatory response, Beijing has threatened a 25 percent tariff on U.S. crude imports, although it has not specified an introduction date.American crude shipments to China are around 400,000 barrels per day (bpd), worth $1 billion a month at current prices.
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