Shares of energy companies fell after data on retail sales, industrial production and wholesale inflation pointed to an economic slowdown.
Oil futures hit their highest level in January before dropping below $80 a barrel in New York.
China's rapid shift to reopen its economy following lengthy Covid-19 lockdowns should help oil demand rise to a record level this year, the International Energy Agency said, as the market monitor boosted its projection for demand.
"Post-opening growth has troughed in China," said economists at brokerage Goldman Sachs, in a note to clients.
Natural gas futures fell to a new 19-month low as U.S. weather conditions remain unconducive to consumption.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-18-23 1656ET
