The yield on the benchmark 10-year Treasury note, which moves inversely to its price, moved marginally lower to 2.217 percent, while the yield on the 30-year Treasury bond was also lower at 2.92 percent.
In economic news, the October read on the U.S. producer price index came in unchanged, versus an expected increase of 0.3 percent. Industrial production for October was also unchanged.
Meanwhile, mortgage applications fell 9 percent amid the sharp increase in interest rates. Other reports released Wednesday included the Home Builders/Wells Fargo Housing Market index, which showed sentiment held steady.
Several Federal Reserve officials are also scheduled to speak, including Philadelphia Fed President Patrick Harker speaks at 5:30 p.m. ET. St. Louis Fed President James Bullard spoke Wednesday morning, saying he would be surprised if the central bank did not raise rates next month.
Minneapolis Fed President Neel Kashkari unveiled a plan to tackle "too big to fail" banks in another speech.
U.S crude had risen almost 6 percent on Tuesday after investors' hopes were renewed that OPEC would implement a production cut at a key meeting later in November.
—CNBC's Patti Domm contributed to this report.