Surging oil prices pushed the U.S. trade deficit to a seven-month high in January, despite a record level of exports, according to the Department of Commerce. The trade gap widened 15% to $46.3 billion. "The big increase in oil prices could cause some temporary pain. Companies are betting that demand will continue to be strong this year," which will boost non-petroleum imports, said Chris Low, chief economist at FTN Financial.

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