U.S. Treasury yields were lower on Tuesday, easing from multi-decade highs, as oil prices pulled back.

The benchmark 10-year Treasury yield was last down more than 4 basis points at 5.262% after reaching its highest level since April 2002 on Monday. The 30-year Treasury yield was down more than 3 basis points at 5.631% following its rise to levels not seen since May 2002. The 2-Year Treasury note yield was down 4 basis points at 4.793%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

The declines came as oil moved lower, with Brent crude trading down 1% at around $99 per barrel and West Texas Intermediate futures sliding less than 1% to around $88 per barrel.

Treasury yields soared on Monday. The 10-year and 30-year recorded 24-year highs after fresh data from the Institute for Supply Management showed cooling services growth.

The PMI reading rose to 54.9 in September, virtually in line with expectations but just below August's growth, while the prices index was up 1.4 points to 74.

Traders are now pricing in a roughly 80% chance that the Fed will keep rates unchanged at its next meeting, according to the CME Group's FedWatch tool.

The event of the week will be the release of the FOMC minutes from its September meeting on Wednesday, which investors will parse closely for clues about future monetary policy.