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Commodities Briefing - Categorized | Oil, Trading more

American oil boom shrinks trade deficit

Posted on 09 November 2012

America’s oil boom is pumping up exports and driving down the trade deficit. The U.S. trade gap narrowed by $2.3 billion in September, to $41.5 billion, the Commerce Department said Thursday. Oil accounted for more than three quarters of the change, with a $2.2 billion surge in oil exports easily offsetting a small increase in imports.
The one-month change doesn’t mean much — the deficit could widen again when October figures are released next month. But the longer-run trend is unmistakable: The U.S. is importing less oil and exporting more………………………………………..Full Article: Source


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