The trade deficit in the U.S. probably widened in June from the lowest level in almost a decade as rising oil prices drove up the value of imports, economists said before a report today.

The gap between imports and exports increased 10 % to $28.7 billion, according to the median of 70 estimates. A $26 billion deficit in May was the smallest since November 1999.

The shortfall is likely to widen further in coming months as stabilization in consumer and business spending boosts imports, signaling trade will not contribute to a projected economic rebound. Federal Reserve policy makers, wrapping up a two day meeting today, are expected to commit to keeping rates low to spur growth.

“As demand for oil increases domestically and as the U.S. leads the globe out of recession, we should start to see greater demand from U.S. producers and consumers,” said Maxwell Clarke, chief U.S. economist at IDEAglobal Inc. in New York. Trade “will become a little headwind in the second half” after supporting the economy earlier in the year.

Tags:  consumers Economy gas petrol producers