Oil prices pull back as U.S. factory data intensifies demand concerns
Oil prices pulled back after touching multi-year highs on Monday, trading mixed as U.S. industrial output for September fell, tempering early enthusiasm about demand.
Production at U.S. factories fell by the most in seven months in September as an ongoing global shortage of semiconductors depressed motor vehicle output, further evidence that supply constraints were hampering economic growth.
Brent crude oil futures settled down 53 cents or 0.6% at $84.33 a barrel after hitting $86.04, their highest since October 2018.
U.S. West Texas Intermediate (WTI) crude settled 16 cents higher, or 0.19%, at $82.44 a barrel, after hitting $83.87, their highest since October 2014.
Both contracts rose by at least 3% last week.
Weaker industrial data was compounded by rising production expectations on Monday, further weighing on market sentiment.
Reference: Reuters
Thai
Eng