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Oil prices underwent volatility on Friday, although major benchmarks still headed for a weekly decline, as the U.S. hit China with $64 billion in tariffs and Beijing accused the move as starting the largest trade war ever.New York-traded West Texas Intermediate crude futures inched up 1 cent or 0.001% to $72.95 a barrel by 10:41AM ET (14:41GMT).Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 14 cents or 0.14%, to $77.28.The U.S. tariffs on $34 billion worth of Chinese goods went into effect at 12:01AM ET (04:01 GMT) on Friday.U.S. President Donald Trump indicated late Thursday that another $16 billion are expected to go into effect in two weeks, with an additional $200 billion currently in abeyance and that he gave instructions to identify a further $300 billion of targets.China’s Customs Tariff Commission of the State Council previously announced that it would immediately retaliate with additional tariffs for 545 items worth about $34 billion, including agricultural products, vehicles and aquatic products, according to China Daily.
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