The U.S. Commerce Department released the trade data on Wednesday. The U.S. trade deficit narrowed to $39.0 billion in November from a deficit of $42.2 billion in October. That was the lowest level since December 2013. October's figure was revised up from a deficit of $43.4 billion. Analysts had expected a trade deficit of $42.3 billion.

The decline of a deficit was driven by falling oil prices.

Exports decreased 1.0% in November.

Exports to the European Union fell 7.7% in November. Exports to China declined 3.9%, while exports to Japan decreased 9.7%.

Imports dropped 2.2% in November. Petroleum imports reached the lowest level since August of 2009.