Crude prices rose on Tuesday, as concern over U.S. economy eased.

Light, sweet crude for September delivery rose 36 cents to 72.42 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude rose 63 cents to 71.80 dollars a barrel on the ICE Futures exchange.

Crude prices declined by more than 3 dollars on Monday, amid concern over U.S. economy. However, the Fed's statement eased this concern.

"The economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy," said the Fed in a statement on Tuesday.