The U.S trade gap expanded by $6.3 billion in January

The U.S. trade gap expanded by $6.3 billion in January to $44.4 billion, following a $10.1 billion decline in the previous month. An increase in the trade deficit was well ahead of expectations, as analysts' had forecast the deficit to rise to $42.4 billion. Exports slid 1.2% to $184.5 billion in January, after a strong rally of 2.2% in December.

"With increasing oil prices, the trade gap tends to widen," said Robert Rosener, an economist at Credit Agricole CIB in New York. "We're looking for the trade deficit to return to a level consistent with growing import demand in the U.S. and export demand from abroad."