Bond yields traded higher on Wednesday tracking a decline in oil prices on hopes for progress in U.S.-Iran talks and reports suggesting that Saudi Arabia has restarted its East-West oil pipeline.
In the global market, US Treasury yields rose on Tuesday as investors balanced falling oil prices against expectations that the Federal Reserve will continue raising interest rates. Furthermore, Oil prices held near their lowest in more than two weeks on Wednesday, kept in check by improving Gulf crude supplies and growing hopes for a diplomatic resolution to the US-Israeli war on Iran.
Back home, the yields on new 10-year Government Stock were trading 2 basis points higher at 7.03% from its previous close of 7.01% on Tuesday.
The benchmark five-year interest rates were trading 4 basis points higher at 6.72% from its previous close of 6.68% on Tuesday.
