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Oil prices swell US trade deficit Oil prices swell US trade deficit
(21 minutes later)
Rising oil prices saw the US trade gap swell In July to its widest level since March 2007, government figures show. Rising oil prices saw the US trade gap swell in July to its widest level since March 2007, government figures show.
The trade deficit widened to $62.2bn (£35.4bn) in the month from an upwardly revised estimate of $58.84bn in June.The trade deficit widened to $62.2bn (£35.4bn) in the month from an upwardly revised estimate of $58.84bn in June.
As crude prices have soared this year, oil imports also increased by about 15% in the month - taking the petroleum deficit to a record $43.3bn.As crude prices have soared this year, oil imports also increased by about 15% in the month - taking the petroleum deficit to a record $43.3bn.
Excluding petroleum products the US trade deficit shrank to its lowest level since October 2002.Excluding petroleum products the US trade deficit shrank to its lowest level since October 2002.
Oil prices are currently around the $100 a barrel mark after surging as high as $147 in July.
Meanwhile, US exports got a boost from the weakening of the dollar as it made US goods more attractive to other countries.
As a result exports of goods and services rose 3.3% to a record $168.1bn.
However, analysts did warn that economic slowdowns in areas like Europe and Japan could stifle any further growth in exports.