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Oil prices are sliding lower as investors and energy traders assess the trade deal that has been struck between the U.S. and China.

Brent crude oil, the international standard, is down 0.71% and trading at $64.46 U.S. a barrel. West Texas Intermediate (WTI) crude oil, the U.S. benchmark, has fallen 0.68% to $60.07 U.S. per barrel.

The slide lower comes after the U.S. lowered tariffs on China and Beijing agreed to delay by one year its curbs on exports of rare earth metals, minerals and magnets to America.

The U.S. has reportedly agreed to lower its overall tariff on China to 47% from 57% in a one-year deal in exchange for Beijing also resuming U.S. soybean purchases.

Analysts say that the agreement amounts to more of a de-escalation in political tensions than to a major structural change in the trading relationship between the two superpowers.

The trade agreement is also unlikely to boost energy demand in China, the world's largest consumer of crude oil, leading prices to slump, according to commodities traders and analysts.

Both crude oil benchmarks are pacing for declines of more than 3% in October, which would be their third consecutive month of losses as concerns around global oversupply persist.

Another issue weighing on oil prices is the next OPEC+ meeting scheduled for Nov. 2, where the cartel is likely to announce another in a series of supply hikes starting in December.