October Trade Gap Rises 1.2%

The U.S. trade deficit widened in October as crude oil prices surged, the Commerce Department said Wednesday.

The trade gap’s 1.2% increase to $57.8 billion topped the $57.4 billion forecast by economists, Bloomberg reported.

Despite the increase, excluding oil, the gap was the smallest in three years, Bloomberg said.

Exports rose 0.9% to $141.7 billion, Commerce said.