* For the week, Brent gains 1.2%, U.S. crude falls 1.3%
* Trump presses U.S. companies to close China operations
* China unveils retaliatory tariffs on U.S. goods
* Powell says Fed will "act as appropriate"
* U.S. oil rig count at Jan 2018 low -Baker Hughes(Adds CFTC data)
By Stephanie Kelly
NEW YORK, Aug 23 (Reuters) - Oil prices fell on Friday afterChina unveiled retaliatory tariffs against about $75 billionworth of U.S. goods including crude oil, another escalation of aprotracted trade dispute between the world's two largesteconomies.
Brent crude futures fell 58 cents, or 1%, to settleat $59.34 a barrel. U.S. West Texas Intermediate (WTI) crudefutures fell $1.18, or 2.1%, to settle at $54.17 abarrel.
WTI lost 1.3% for the week, while Brent rose 1.2% during theweek.
China's commerce ministry said it would impose additionaltariffs of 5% or 10% on a total of 5,078 products originatingfrom the United States, including crude oil, agriculturalproducts such as soybeans, and small aircraft.
In retaliation, U.S. President Donald Trump said he wasordering U.S. companies to look at ways to close operations inChina and make products in the United States.
"We still view the U.S.-Chinese trade standoff as a majorbearish consideration that will likely be requiring additionaldownward oil demand adjustments as this year proceeds," said JimRitterbusch, president of Ritterbusch and Associates.
Investors also focused on a speech by U.S. Federal Reservechair Jerome Powell at an annual economic symposium in JacksonHole, Wyoming.
The U.S. economy is in a "favorable place" and the FederalReserve will "act as appropriate" to keep the current economicexpansion on track, Powell said.
The remarks gave few clues about whether the central bankwill cut interest rates at its next meeting.
St. Louis Federal Reserve Bank President James Bullard saidpolicymakers will have a "robust debate" about cutting U.S.interest rates by half a percentage point at their next policymeeting in September.
Exacerbating concern over the possibility of recession, U.S.manufacturing industries registered their first month ofcontraction in almost a decade.
"Some have blamed the hesitant tone (for oil prices) on anend-of-summer lull. Yet, in truth, the sense of unease stemsfrom ongoing worries about the global economy," said StephenBrennock of oil broker PVM.
Tensions in the Middle East have kept investors on edge aswell. Iran's foreign minister said talks held on Friday withFrench President Emmanuel Macron about a landmark 2015 nucleardeal were "productive."
Iran has said it will scale back compliance with the pactunless the Europeans find a solution enabling Tehran to sell itsoil despite U.S. sanctions.
U.S. energy firms this week cut the most oil rigs in aboutfour months, with the rig count falling to the lowest sinceJanuary 2018, as producers cut spending on new drilling andcompletions.
Hedge funds and other money managers raised their bullishwagers on U.S. crude to a three-month high in the latest week,the U.S. Commodity Futures Trading Commission (CFTC) said.
The speculator group raise its combined futures and optionsposition in New York and London by 17,541 contracts to 217,104during the week ended Aug. 20.
(Additional reporting by Bozorgmehr Sharafedin in London andFlorence Tan in SingaporeEditing by Marguerita Choy and David Gregorio)