NEW YORK, June 29 (UPI) -- Crude oil prices dropped sharply on the New York Mercantile Exchange, falling to less than $76 per barrel after equity markets slid hard in Asia and Europe.
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.
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," said Daniel Brebner, a metals analyst at Deutsche Bank, The Financial Times reported.
Growth in steel production "could decelerate sharply over the next 6 months or so, potentially falling to zero," he said.
Overnight, crude oil prices had plunged, losing $2.48 to $75.77 per barrel. Heating oil prices lost 0.0643 cents from a prior settlement to $2.029 per gallon. Reformulated gasoline blendstock prices lost 0.0643 cents to $2.0733 per gallon.
Henry Hub natural gas fell 0.09 cents $4.643 per million British thermal units.
At the pump, the national average price for unleaded regular gasoline dropped slightly to $2.755 per gallon from Monday's $2.756, AAA said.
