According to US commerce department the US trade deficit decreased by 1.00% in July 2014 on month on month basis to USD 40.54 billion.It is lowest since February 2014. Exports of goods and services rose by only 0.92 percent to USD 198.02 billion in July while imports rose marginally by 0.65 percent to USD 238.568 billion. For June revised 2014 trade deficit was USD 40.81 billion. Year on year basis US trade deficit has increased by 2.84%.
US Oil production decreased by 2.13% in June 2014 on month on month basis to 255 million barrels while US oil imports decreased significantly by 4.72% to 211 million barrels on month on month basis. Year on year basis US oil production increased by 18.51% and oil imports decreased by just 8.73%.Read our analysis on Crude Oil Dynamics and Shale Oil Dynamics and US Oil Production