Higher Oil Prices Widen U.S. Trade Deficit

6 Dec 2017   Prices

The U.S. trade deficit increased to $48.7 billion in October from $44.9 billion in September amid rising imports and higher crude oil prices, increasing the value of U.S. oil imports, government data showed on Tuesday. Total U.S. exports were $195.9 billion in October, down by less than $0.1 billion from September. Imports, on the other hand, increased to $244.6 billion in October, up from $240.8 billion in September. The trade deficit increased to the highest since January and was above expectations of a Reuters poll of economists who had predicted the October deficit would stand at $47.5 billion. Imports of industrial supplies and materials increased $1.8 billion, reflecting a $1.5 billion increase in crude oil imports. The U.S. crude oil imports rose to $10.664 billion in October from $9.131 billion in September. The average import price of crude oil stood at $47.26 per barrel in October, the highest level […]

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