• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 24 mins China's Blueprint For Global Power
  • 5 mins Bloomberg: shale slowing. Third wave of shale coming.
  • 37 mins ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 19 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 5 hours Brexit agreement
  • 17 mins Disenfranchised people are angry people - map of global electoral systems
  • 14 hours Boring! See Ya Clowns, And Have Fun In Germany
  • 17 hours the future
  • 2 hours Erdogan Holds All The Cards ... 3.6 Million Of Them
  • 2 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 19 hours Crazy Stories From Round The World
  • 14 hours 5 Tweets That Change The World?
  • 14 hours Leftists crying to make oil patch illegal friendly: 'Broken system' starves U.S. oil boom of immigrant workers: CONGRESS DO YOUR JOBS INSTEAD OF PANDERING!
Alt Text

Iran Claims To Have Video Evidence Of Oil Tanker Attacks

An Iranian National Security official…

Alt Text

Will OPEC+ Cut Production Even Further?

The outlook for oil markets…

Alt Text

Oil Prices Jump On A Lone Piece Of Bullish News

Oil prices rose on Wednesday…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Higher Oil Prices Widen U.S. Trade Deficit

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 since August 2015, when it was $49.33, according to the Monthly Trade Highlights.  

Apart from the $1.5-billion increase in crude oil imports, the higher U.S. import bill was due to the highest on record imports of food, feeds, and beverages, and the highest on record non-petroleum imports. 

Other highlights in overall international trade of the U.S. last month include the highest imports on record from China, from Mexico, and from the European Union. Related: Maduro: Venezuela Could Stop Crude Oil Sales To U.S.

In exports, U.S. October exports to China were the highest since December 2013, exports to Mexico were the highest since October 2014, and exports to Brazil were the highest since October 2014.

The goods deficit with China increased from $34.6 billion in September to $35.2 billion in October. U.S. exports to China increased $2.2 billion to $13.0 billion, primarily driven by soybeans and crude oil.

The U.S. trade deficit with Canada increased from $300 million in September to $1.8 billion in October, with U.S. imports rising $1.4 billion--primarily crude oil--to $25.8 billion.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play