US Treasury yields higher as oil pares losses

U.S. sovereign bonds prices were lower Monday as investors digested whipsawing oil prices.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, was up at 1.7686 percent, while the yield on the 30-year Treasury bond was also higher at 2.5819 percent.

A failed attempt to freeze oil production levels at a meeting between OPEC and non-OPEC producers in Doha over the weekend sent oil prices lower on Monday, dragging down commodity currencies and energy-linked stocks, and sending investors into the arms of safe-haven assets like U.S. Treasurys.

The price for U.S. WTI crude settled 1.4 percent lower, after falling as much as 6.8 percent.

US 10-YR
US 30-YR

Meanwhile, housing will dominate U.S. data this week, starting with the National Association of Home Builders survey for April which came in at 58, below the expected reading of 59. Housing starts will be released Tuesday, followed by existing home sales on Wednesday, and Federal Housing Finance Agency home price index data on Thursday.

Market watchers digested a speech by Minneapolis Federal Reserve President Neel Kashkari for the Minneapolis Chamber of Commerce. He oubled down on his call for reforms to the U.S. banking system, saying that failing to make changes could leave taxpayers on the hook for big bank bailouts in any future financial crisis.

Boston Fed President Eric Rosengren will also take the stage in New Britain, Connecticut for the American Savings Foundation Distinguished Lecture Series at 7:00 p.m. ET.

Earlier on Monday, New York Fed President William Dudley said the U.S. is seeing "significant uncertainties" and "headwinds to growth."

—Reuters contributed to this report.