Treasuries Show Notable Move Back To The Upside

(RTTNews) - Following the notable pullback seen last Friday, treasuries moved back to the upside during trading on Monday.

Bond prices moved higher in early trading and remained positive throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 4.2 basis points to 2.376 percent.

The rebound by treasuries came amid a sharp drop by the price of crude oil, which led some traders to move their money into bonds.

Crude for February delivery plunged $2.12 to $51.87 a barrel amid concerns increased U.S. production will offset an OPEC output reduction.

Trading activity on the day was somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.

On Tuesday, trading may be impacted by reaction to the results of the Treasury Department's auction of $24 billion worth of three-year notes.