WASHINGTON (dpa-AFX) - After coming under pressure early in the session, treasuries regained ground over the course of the trading day on Monday.
Bond prices climbed well off their early lows before ending the day roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, crept up by less than a basis point to 4.136 percent.
Early in the session, the ten-year yield jumped as high as 4.177 percent, marking its highest intraday level in almost a month.
The early weakness among treasuries came amid an extended surge by the price of crude oil, which skyrocketed above $100 a barrel for the first time since 2022.
Crude oil's extended surge added to recent concerns about inflation and the outlook for interest rates.
The continued increase came following reports major oil producers Iraq, Kuwait and the United Arab Emirates are cutting production.
With the Strait of Hormuz effectively closed due to Iranian threats against tankers, the countries are purportedly running out of storage space.
However, the price of crude oil has given back ground over the course of the day, contributing to the recovery by treasuries.
Crude oil remains sharply higher but pulled back well off its highs due in part to a report from CNBC indicating energy ministers from the G7 nations will hold a virtual meeting Tuesday morning to discuss a possible release of oil reserves.
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