US shale oil production soared in 2014, pushing oil prices downward Reuters

The UK trade gap has narrowed to its lowest since June 2013, according to official data as falling oil prices provided a boost to the economy.

The Office for National Statistics reported the UK's deficit in goods and services was £1.4bn in November, down from £2.2bn in October, following a fall in the value of imports.

Oil imports fell by £0.7bn, a significant chunk of the overall drop of £1.1bn recorded in November.

Crude oil prices have fallen dramatically since the summer of 2014, losing more than half of their value amid a global supply glut and a slowdown in demand.

The trade gap is the difference between the value of goods and services imported, and the value of goods and services exported by a country.

The UK registered an £8.8bn deficit in goods in November, although that figure was offset by a £7.4bn surplus in services.

Meanwhile, the UK's construction sector showed a 2% fall in output in November compared with the previous month, although the November output was actually 3.6% higher than the same month in the previous year.