The U.S. trade deficit fell to its lowest level in one-and-a-half years thanks to a drop in oil imports.

The Department of Commerce announced on Thursday that the U.S. trade deficit stood at 42-point-nine billion dollars in June, down ten-point-seven percent from May.

The June figure is the lowest to be recorded since December 2010 and around five billion dollars less than market observers’ earlier projections.

A drop in prices of imported oil is largely what led to the drop in trade deficit. The U.S.’s oil imports amounted to 26-point-four billion dollars in June, or the smallest amount to be posted since February.