U.S. government debt prices were mostly lower on Wednesday, as investors turned their attention to new data releases and the moves in the oil market.
The yield on the benchmark 10-year Treasury note sat higher at around 2.153 percent at 2:32 p.m. ET, while the yield on the 30-year Treasury bond was slightly lower at 2.72 percent. Bond yields move inversely to prices.
The oil market is dominating markets across the globe on Wednesday, after prices fell sharply on Tuesday. This came as investors showed concern over the strength of compliance by OPEC and non-OPEC countries when it comes to slashing production.
Prices fell again on Wednesday, with U.S. crude settled down 2.3 percent at 42.53 a barrel as glut concerns continue to persist.
On the central bank front, the Bank of Japan released its minutes from its monetary policy meeting in April. The minutes showed that policymakers expected the amount of government debt purchases to oscillate under its quantitative easing program, according to Reuters.