WASHINGTON (dpa-AFX) - After skyrocketing over the course of the previous session, treasuries gave back ground during trading on Friday.
Bond prices recovered from an initial pullback but moved back to the downside as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.6 basis points to 4.988 percent.
The pullback by treasuries may have reflected profit taking after yesterday's bond market strength dragged the ten-year yield below 5 percent for the first time in a month.
A continued surge by the price of crude oil also weighed on treasuries, with U.S. crude oil futures soaring by nearly 4 percent and jumping back well above $100 a barrel.
Concerns about supply disruptions in the Middle East continued to drive the price of crude oil higher amid continued attacks by the Iran-aligned Houthi militia of Yemen against Saudi Arabia.
Reports suggesting that the U.S. and Israeli are planning to renew military operations against Iran after the midterm elections also contributed to the spike in crude oil prices.
Meanwhile, traders were also looking ahead to several key events next week, including the Federal Reserve's latest monetary policy meeting.
The Fed is scheduled to announce its latest monetary policy decision next Wednesday, with the central bank widely expected to leave rates unchanged.
With a quarter point rate hike still widely expected at the Fed's December meeting, traders are likely to keep a close eye on the accompanying statement.
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