Bond yields traded higher on Tuesday, as crude oil prices stayed firm due to reduced supply.
In the global market, US Treasury yields fell on Monday after weekend attacks on crude facilities in Saudi Arabia shut about 5% of the world’s oil supply, sending oil prices soaring and increasing demand for safe haven US debt. Furthermore, Oil fell more than 1% as the market hung on tenterhooks following attacks on Saudi Arabian crude facilities that cut the kingdom’s production in half and sent prices soaring by the most in decades.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 6.73% from its previous close of 6.71% on Monday.
The benchmark five-year interest rates were trading 1 basis point lower at 6.40% from its previous close of 6.41% on Monday.