Brent crude futures dropped 22 cents, or 0.3%, to $64.74 per barrel by 0248 GMT. U.S. West Texas Intermediate (WTI) crude fell 18 cents, or 0.3%, to $61.77.
The U.S. and China agreed to slash steep tariffs for at least 90 days, sending Wall Street stocks, the U.S. dollar and crude prices sharply higher on Monday.
But underlying schisms that led to the dispute remain, including the U.S. trade deficit with China and U.S. President Donald Trump's demand for more action from Beijing to combat the U.S. fentanyl crisis.
“Though demand has been a key concern for the oil market, supply increases from OPEC+ mean that the oil market will be well supplied through the remainder of the year,“ ING analysts said, adding that how well supplied the market is will depend on whether OPEC+ sticks with plans for aggressive supply hikes in May and June.
Meanwhile, on the crude oil inventory front, analyst views were mixed.
A Reuters poll showed U.S. crude oil stocks likely fell last week, but Macquarie energy strategist Walt Chancellor is expecting U.S. crude inventories to rise by 7.6 million barrels.
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