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US Treasurys lower after US GDP data

Bond traders on the floor of the CME Group in Chicago, Sept. 24, 2014.
M. Spencer Green | AP
Bond traders on the floor of the CME Group in Chicago, Sept. 24, 2014.

U.S. sovereign bonds were lower on Tuesday, as investors begin to wind down trade in the final few days before the Christmas holiday.

In the data highlight of the week, markets digested the final read on third-quarter GDP, which came in at 2 percent. Economists polled by Reuters expected growth of 1.9 percent, down slightly from the second estimate of 2.1 percent but above the advance estimate of 1.5 percent.

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November existing home sales fell 10.5 percent in November.

Heading into the final two weeks of the year, limited liquidity is likely to heighten the severity of market moves, particularly during the holiday periods of Christmas and New Year's Eve, when most Western markets will be closed.

U.S. 10-year Treasury yields ticked higher Tuesday to trade around 2.2340 percent, after closing at 2.197 percent on Monday.

Meanwhile, longer dated 30-year bonds fell to 2.9601 percent after finishing at 2.925 percent in the previous session, where yields hit a one-week low of 2.889 percent earlier in the session on Monday.

Oil prices edged away from multi-year lows on Tuesday, but mild weather and ballooning supplies mean that prices are expected to remain depressed into 2016.

Internationally traded benchmark Brent was at $36.13 per barrel Tuesday. That was over $2 above the 11-year low hit on Monday, although the price jump was more related to a roll-over in contracts and the start of the peak demand winter season than because of changing fundamentals, according to traders.

U.S. West Texas Intermediate (WTI) crude futures settled at $36.16 a barrel.

Brent crude oil prices fell to levels last seen in 2004 on Monday, dropping below the lows hit during the 2008 financial crisis on renewed worries over a global oil glut.