The biggest surge in oil prices in 14 years pushed the U.S. trade shortfall to a new record in October.

The U.S. Commerce Department said today that the U.S. deficit in international trade of goods and services swelled 8.9% to US$55.46 billion from a downwardly revised shortfall of US$50.93 billion in September.

October’s reading marked the deepest trade gap since June’s US$55.34 billion, and topped economists’ forecast of US$53.60 billion.

The average price of a barrel of crude soared to a record US$41.79 from US$37.62 during the month, marking the highest month-over-month rise since a US$4.45 per-barrel increase in October 1990.

Meanwhile, imports overall rose 3.4% to a record US$153.53 billion during October, while exports rose 0.6% to a record US$98.06 billion in October.

Deficits with major trading partners were mostly higher in October. The shortfall with China swelled to a record $16.78 billion. The trade gap with the euro area increased to US$7.08 billion. The deficit with Canada expanded to US$5.63 billion. The shortfall with Mexico widened to US$4.41 billion. But the deficit with Japan contracted, down to US$5.86 billion.

In a separate release, the Federal Reserve said that industrial production rose 0.3% in November, half the rate of growth in October, which was revised to 0.6% from the previously reported 0.7%. September industrial production was also revised down to a 0.1% decrease from the previously reported 0.1% rise.

November manufacturing rose 0.3%, in line with the overall production rate, while utilities production fell and mining rose at a faster pace.

November industrial capacity use was at its highest level since May 2001. Capacity utilization last month was reported at 77.6%, compared with October’s 77.5% level, which was revised down from the previously reported 77.7%.