Oil prices jumped 3% on Tuesday after the U.S. and China agreed to a 90-day pause on new tariffs, easing fears of another front in the global trade war and improving the outlook for economic growth

Oil prices were surging on Monday after the U.S. and China brokered a deal to pause most tariffs on each other's goods for the next 90 days. The Brent international benchmark gained 3.1% to trade at just under $66 a barrel,

Oil prices fell back slightly as traders braced for a potential rise in US crude inventories, even as the market remained buoyed by easing trade tensions between Washington and Beijing. Brent crude futures were down 0.