Oil prices pull back as US factory data intensifies demand concerns

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

Oil prices pulled back after touching multi-year highs on Monday, trading mixed as US industrial output for September fell, tempering early enthusiasm about demand.

Production at US 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. 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