The latest numbers from the Commerce Department show that the trade deficit for October was $38.7 billion, down from $44.6 billion in September. Crude oil imports accounted for $18.88 billion, down from $20.96 billion in September.
The value of U.S. crude-oil imports fell to $18.88 billion in October from $20.96 billion in September despite a rise in the price of a barrel of oil to $74.18 from $72.36 in the previous month. The quantity of crude imports fell to 254.5 million barrels from 289.7 million in September.
Economists noted that oil prices increased sharply in October which should boost the value of petroleum imports next month.
Source : MarketWatch
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