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Crude Oil Pares Gains After Hitting Multiyear Highs - Bloomberg

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Oil eased off of multiyear highs with U.S. industrial data showing signs of weakness while traders assessed an ongoing natural gas crisis. 

Futures in New York closed 0.2% higher on Monday. U.S. September industrial production fell 1.3%, below estimates. Still, a shortage of natural gas is creating extra demand for oil products like fuel oil and diesel from the power generation sector, keeping oil prices propped up. Plus, the OPEC+ alliance is still only adding incremental, monthly supplies, and some members aren’t expected to meet current output targets. 

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Crude Oil Pares Gains After Hitting Multiyear Highs - Bloomberg
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