US Treasurys fall as oil reverses



U.S. sovereign bond U.S. sovereign bond prices were lower Wednesday as oil prices reversed course.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, was lower at 1.8470 percent, while the yield on the 30-year Treasury bond was lower at 2.6535 percent.

Oil prices reversed course Wednesday as the Energy Information Administration reported a small crude build. Earlier,oversupply worries resurfaced on the back of news that Kuwait three-day oil worker strike had ended. The strike had effectively reduced production from 2.8 million barrels per day to 1.5 million.

U.S. benchmark WTI futures settled 3.77 percent higher.

On the data front, investors digested existing home sales data, which showed a 5.5 percent increase, to 5.33 million. Economists expected to show a 4.3 percent rise to 5.3 million, versus the 5.08 million count in February.

There are no major Treasury auctions expected.