I could be wrong, but this is what Ive always believed to be the case...
High oxygen content means you havent completely burned the mixture. The fuel hasnt been completely burned up, therefore, the oxygen used to burn it is still unused in in the exhaust stream. High oxygen content=rich=high o2's. Its in fact NOT rich, but the computer thinks its rich, so it pulls fuel.
Same would go with an EGT gauge. Exhaust leak cools the charge, brings the EGT's down and makes it look like a rich condition.
High oxygen content means you havent completely burned the mixture. The fuel hasnt been completely burned up, therefore, the oxygen used to burn it is still unused in in the exhaust stream. High oxygen content=rich=high o2's. Its in fact NOT rich, but the computer thinks its rich, so it pulls fuel.
Same would go with an EGT gauge. Exhaust leak cools the charge, brings the EGT's down and makes it look like a rich condition.