US government bond yields rise amid oil price volatility — CNBC Top News

In the United States, government bond yields rose on Wednesday amid fluctuations in oil prices. The yield on the benchmark 10-year US Treasury note added more than 2 basis points, to 4.994%, CNBC Top News reports.

The yield on two-year notes rose by more than 2 basis points to 4.804%, while the yield on 30-year bonds increased by more than 1 basis point to 5.32%. One basis point equals 0.01%. Bond prices and yields move in opposite directions.

Oil prices

Early in the morning, yields declined along with oil prices, but later stabilized as November-delivery Brent futures moved into positive territory. Contracts were up about 1%, to around $100 per barrel. US WTI crude rose slightly, to around $91 per barrel.

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Overnight, oil prices declined following talks between US and Iranian delegations at the UN General Assembly. This raised hopes for a possible easing of supply disruptions in the Middle East. Brent was still trading more than one-third above its pre-war level.

Focus on the Federal Reserve

Investors were also assessing statements by US Federal Reserve officials, seeking to determine how hawkish the central bank's stance is. Federal Reserve Board Governor Michael S. Barr was scheduled to deliver a speech in Chicago on the economic outlook, a week after the regulator raised interest rates and signaled further monetary tightening.

Boston Federal Reserve President Susan Collins previously said there was an “elevated likelihood” that inflation in the United States would remain “meaningfully” above the Fed's 2% target. S&P Global's September purchasing managers' index data were also expected on Wednesday, followed by data on initial jobless claims on Thursday.