Hi, I've a 97 Electraglide with the usual air valves for the rear suspension. when I take a pressure reading with guage, I get oil coming out of the valve.

Workshop manual doesn't mention oil - just air? Any thoughts?

As far as I know (have spoke to original owner). The rear shocks are standard.

Thanks in advance

Good chance a internal seal has let go that would explain the oil methinks

They do have oil in them. If you disconnect the airlines and remove the shocks the oil will run out