The market was hurt as the price of oil retreated nearly 2 percent, briefly dipping below $80 a barrel.
Oil retreated back below $100 a barrel, falling to $98.93 after surging to as high as $103.37 earlier.
The price of oil retreated again to settle at $66.75 a barrel as consumer outlook undermined future energy demand.
In commodity markets, crude oil retreated from its session highs after tumbling more than $4 a barrel on Wednesday on concerns about weak demand for fuel as the U.S. and European economies face the risk of a protracted slowdown.
That could make them a good value, even if the price of crude oil retreats from its recent advance.
Crude oil prices retreated from record levels, falling $3.15 to close at $90.38 a barrel after Goldman Sachs advised clients to pocket profits from last week's rally.
Crude oil prices retreated from their recent gains on rumblings in the Gulf as market players once again focused on slack demand and excessive inventories.
C1 Oil Prices Fall After Vote Oil prices retreated from record highs after President Hugo Chávez of Venezuela claimed victory in a referendum on his rule, easing concerns about possible disruptions in the country's oil exports.
Special offer: The last time oil prices retreated, smart investors made gains of 40% and more buying cheaply priced oil services stocks.
Angang Steel fell by 6.0%, to 10.60 Hong Kong dollars ($1.36), on the Panzhihua news, while oil exploration firm CNOOC dropped by 4.3%, to 10.72 Hong Kong dollars ($1.37), as oil prices retreated.
