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 surged by about 4% on Monday after the US and China announced they would ease some of their tariff measures.

Oil prices rose on Tuesday but gains were capped by rising supplies and caution over whether the pause in the U.S.-China trade war will lead to a longer-term deal. Brent crude futures rose 65 cents, or about 1%,

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.