U.S. government debt yields rose on Friday as investors tried to shake off concerns of a potentially impending trade war.
Markets around the globe have been on a roller-coaster ride this week as tensions surrounding a tit-for-tat trade dispute between the U.S. and China continue to escalate.
On Monday, President Donald Trump requested the United States Trade Representative identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent. Those tariffs followed levies announced by both nations last week. Consequently, Beijing stated that it would deliver its own set of counter measures, if required.
Treasury yields are down slightly for the week as investors sought out safety from the increasing trade tensions. German 10-year bund yields, meanwhile, are down more than 5 basis points this week, while the benchmakr Japanese yield is also down slightly.
U.S. crude posted its best daily gain since November 2016 after OPEC members agreed to only a moderate supply increase. The cartel also declined to say exactly how much more its members would pump. Analysts said the deal will likely add between 600,000 and 800,000 barrels per day, which the market can easily absorb.
—CNBC's Tom DiChristopher contributed to this report.