Oil prices oscillate in jittery market as US-China trade war begins
Beijing’s retaliation to US tariffs could include duties on 400,000 barrels a day of US crude imports
Singapore/Beijing — Oil prices seesawed on Friday in a nervous market as the US implemented a raft of tariffs on Chinese goods, which should prompt Beijing to retaliate, potentially including a duty on US crude imports. Oil prices fell early on Friday along with stock markets. But by 5.28am GMT, US West Texas Intermediate (WTI) crude futures were up 13c or 0.2% from their last settlement at $$73.07 a barrel. Brent crude futures were down 6c or 0.1% at $77.33 a barrel. Looming over the oil markets is the trade dispute between the US and China, the world’s two biggest economies. Washington put the tariffs in place on Chinese goods from 12.01am Washington DC time (4.01am GMT) on Friday. China has said it will retaliate, and major Chinese ports have already delayed clearing goods from the US, according to several sources. "We’re headed for an unparalleled trade conflict between the world’s largest economies," said Stephen Innes, head of Asia-Pacific trading at brokerage Oanda. As part o...
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