Summary Box: Rising oil prices threaten US economy

OIL PRICES THREATEN RECOVERY: Higher oil prices are threatening to crimp global economic growth by cutting into consumer spending in the U.S. and overseas.

TRADE DEFICIT HIGHER: Pricier oil helped push the U.S. trade deficit to a seven-month high in January. Oil prices have risen since then, suggesting the trade gap will widen in coming months. That could reduce U.S. economic growth in the January-March quarter, economists warn.

OVERSEAS IMPACT: Rising oil prices also contributed to a rare trade deficit for China in February. They could also push European central banks to raise interest rates, potentially slowing growth on that continent.