Oil prices pull back as U.S. factory data intensifies demand concerns | Reuters

Oil prices pull back as U.S. factory data intensifies demand concerns | Reuters

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. read more

"The oil market started off with a lot of exuberance, but weak data on U.S. industrial production caused people to lose confidence in demand, and China released data that intensified those worries," said Phil Flynn, senior analyst at Price Futures Group in New York.

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.