Crude oil futures fell sharply on Tuesday, as concern over supply eased.

Light, sweet crude for September delivery fell 1.33 dollars to close at 73.56 dollars a barrel on the New York Mercantile Exchange.

Brent crude for September delivery fell 1.78 dollars at 75.08 dollars a barrel on the ICE Futures exchange in London.

U.S. Energy Department will release its weekly energy report on Wednesday. Analysts surveyed by Dow Jones Newswires on average predict gasoline inventories grew by 510,000 barrels last week as refinery utilization grew 0.8 percentage points to 91.8 percent.

Current levels of gasoline supplies are well below the lower end of average for this time of year. Gasoline supplies are closely watched as the summer driving peak is around the corner.