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US Trade Gap Widens In October To $57.8 Billion

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The U.S. trade deficit widened slightly more than expected in October, as a record high price for imported oil over-powered the export-spurring benefits of a weaker dollar, a Commerce Department report showed on Wednesday.

Separately, U.S. import prices rose a higher-than-expected 2.7 percent in November, the largest gain in 17 years, according to the Labor Department. In October 1990 import prices rose 2.9 percent.

The deficit increased to $57.8 billion in October from a revised estimated of $57.1 billion for September, as the average monthly price for imported oil jumped nearly 6 percent to $72.49 per barrel.

Read the whole story at Reuters Via CNBC