Treasury yields rise as oil price climbs

US 10-YR
US 30-YR

U.S. sovereign bond prices fell on Monday as investors kept an eye on wild fluctuations in the oil markets.

The yield (which moves inversely to the price) on the benchmark 10-year Treasury note rose to 1.759 percent, while the yield on the 30-year Treasury bond was also higher, at 2.617 percent.

Nonetheless, Scott Minerd of Guggenheim Partners said Monday he sees the benchmark yield falling to 1 percent, perhaps lower, before the end of 2016.

"According to technical analysis, the current target bottom for the 10-year Treasury note is 28 basis points," he said. "That may seem like voodoo, but technical analysis provided key insight to our macroeconomic team a year ago when we called for oil to hit $25 per barrel back when it was trading at $60."

The oil price has sparked volatility in both debt and equity markets and that trend was no different on Monday. With oil rising, European and U.S. markets broadly rose. This led to declines for U.S. Treasury markets, which are seen as a safe haven asset.

Oil rebounded on Monday, with WTI futures rising above the $31 a barrel level. A falling rig count in the United States helped support prices. However, there should also be some important headlines for the oil market when OPEC General Secretary Abdalla Salem El-Badri speaks at the CERAWeek energy conference in Houston later on Monday.

On the data front, the Chicago Fed National Activity index came in at +0.28 for January. The February Markit flash manufacturing PMI came in at 51.0.

—CNBC's Patti Domm and Reuters contributed to this report.