After a New Orleans judge lifted an offshore drilling moratorium, Crude oil prices dropped to nearly $76 per barrel on the New York Mercantile Exchange.

The New York Times has reported that U. S. District Judge Martin Feldman on Tuesday blocked a six-month White House ban on deepwater drilling, calling the order a "blanket, generic, indeed punitive, moratorium."

Interior Secretary Ken Salazar then vowed to issue a new order for the industry "that eliminates any doubt that a moratorium is needed, appropriate and within our authorities."

It has been reported that July delivery crude oil prices shifted $1.77 lower to $76.08 per barrel.

Heating oil prices for July delivery lost 0.0482 cents from a prior settlement to $2.0647 per gallon.

Dropping 0.0512 cents, reformulated gasoline blend-stock prices went to $2.0823 per gallon.

It was also reported that Henry Hub natural gas prices added 0.044 cents to $4.80 per million British thermal units.

According to the reports of AAA, the national average price for unleaded regular gasoline, at the pump, rose to $2.741 per gallon from Tuesday's $2.732. (With Inputs from Agencies)