Rising oil prices major factor in trade deficit hitting record high

Rising oil prices and Americans’ seemingly insatiable appetite for foreign goods — from Chinese clothing to French wine and Japanese cars — sent the U.S. trade deficit to another record.

The Commerce Department reported Thursday that the deficit jumped to $68.5 billion in January, 5.3 percent more than in December. Analysts had expected the trade gap to worsen, given the surge in world oil prices, but the increase caught them by surprise.

The Olympian