Trade gap narrows in May

The U.S. trade deficit contracted by 1.2% in May as the value of goods and services exported increased faster than those that were brought in, according to a report from the Department of Commerce. The gap between imports and exports fell to $59.8 billion in May from a revised reading of $60.5 billion in April, which was smaller than the $60.9 billion that was previously estimated. Exports increased 0.9% to $157.5 billion in May, while imports rose 0.3%. The value of imported petroleum increased 6.5% to $31.2 billion as the average price for a barrel of crude increased by a record $9.47 to $106.28.