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."The oil market started off with a lot of exuberance, but weak data on U.S.
U.S. production from shale basins is expected to rise in November, according to a monthly U.S. report on Monday. "Easing restrictions around the world are likely to help the recovery in fuel consumption," analysts at ANZ Bank said in a note, adding gas-to-oil switching for power generation alone could boost demand by as much as 450,000 barrels per day in the fourth quarter.
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