Trade deficit up as oil imports hit high

America’s trade deficit increased sharply in June as surging oil prices pushed petroleum imports to an all-time high. The politically sensitive deficit with China also set a record.

…More than half of the trade deterioration in June reflected America’s surging foreign oil bill, which hit a record high of $19.9 billion, an increase of 9.8% from the May level. Analysts say that figure will rise even higher, reflecting a continued surge in global oil prices, which set a record of $66 a barrel on Thursday.

The average price of a barrel of imported crude oil jumped to $44.40 in June, the second highest monthly average for imports on record, exceeded only by a $44.76 average in April.

AP/USA today