Oil prices push trade deficit to 13-month high

WASHINGTON

The deterioration in the deficit was driven by a $4.3 billion increase in crude oil imports which jumped to a record $29.3 billion in April, as the average per barrel price rose to an all-time high of $96.81.

Oil imports are expected to climb further in coming months given that crude oil has continued its relentless rise and is now trading above $130 per barrel.