bad back fire
A rich condition combined with an exhaust leak or a misfiring cylinder can cause this sort of thing. The oxygen is either coming from an exhaust leak or a cylinder that isn't firing.
The extra fuel could be from one cylinder not firing, or from the entire bank running too rich.
I would look at the pulse-widths for each bank, along with your fuel trims -assuming you are running with adaptive fueling active.
Of course I'd also check for the exhaust leaks.

