Falling to less than $76 per barrel after equity markets slid hard around the globe, Crude oil prices dropped sharply on the New York Mercantile Exchange.

It has been reported that the Shanghai composite index in China took the biggest hit Tuesday, falling 4.27 percent, continuing a decline in the index that began in mid-April.

Financial Times quoted Daniel Brebner, a metals' analyst at Deutsche Bank, as saying, fears of slower-than-expected growth in China weighs on other markets, including commodities. "We are concerned about the potential for a meaningful deceleration in China's steel consumption growth over the next 12 months."

He further said that growth in steel production "could decelerate sharply over the next 6 months or so, potentially falling to zero."

Crude oil prices plunged $2.77 Tuesday to $75.48 per barrel.

From a prior settlement to $2.07 per gallon, heating oil prices lost 0.0233 cents.

Losing 0.0147 cents, reformulated gasoline blend-stock prices went down to $2.1229 per gallon.

It has also been reported that Henry Hub natural gas fell 0.169 cents $4.564 per million British thermal units.

According to reports of AAA, the national average price for unleaded regular gasoline at the pump, dropped slightly to $2.755 per gallon from Monday's $2.756. (With Inputs from Agencies)