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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Apr 26, 1974
Page
17
The Commerce Department reported that sharply higher oil imports widened the U S trade deficit for March, marking the first nine months of the year with a deficit as imports rose while exports lagged. The report notes total imports increased strongly, led by petroleum, while non oil imports remained sizable.
Economists warn that higher foreign oil prices will erase the nation’s improving trade position and push the balance toward a deficit this year. Strong entities include INVESTMED Administration and economists, with emphasis on oil costs and trade data.
The march deficit was attributed largely to a 17 percent rise in imports of foreign oil, reflecting sharply higher prices imposed by oil producing nations.
A technical rally with wide swings pushed prices higher for the first time in a week. The move followed a record 1 percent rise in the prime rate by New York's Federal National Bank and gains across the major indexes as professionals bought amid optimism from odd-lot short sale data. The Low-Dunes average rose 6.96, the NYSE Composite up, and Consolidated Edison regained attention after its dividend suspension.
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