The U.S. trade deficit narrowed more than forecast in June as the biggest drop in crude oil prices in more than three years helped cut the nation’s import bill. The gap shrank 11 percent to $42.9 billion, the smallest since December 2010, from $48 billion in May, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg News survey of 69 economists called for the deficit to shrink to $47.5 billion. Exports climbed to a record on demand for autos and industrial engines. “This is mostly an oil-related story,” Omair Sharif, a U.S. economist at RBS Securities Inc. in Stamford, ... (full story)