Oil prices eased on Tuesday from a two-week high reached during the previous session after the U.S. and China agreed to temporarily slash tariffs, sparking optimism that a trade war between the world's two biggest economies would come to an end.

Oil jumped as much as 4% before paring gains Monday after a US-China trade truce sent the overall stock market and commodities higher. West Texas Intermediate ( CL=F) futures rallied over 2% to hover near $62.50 per barrel. Brent crude ( BZ=F ), the international benchmark, also rebounded to trade above $65.

Oil prices soared following an agreement between the United States and China to slash tariffs, leading to increased optimism in global trade and the economy.