Oil drops, Treasury yields retreat

The reduced probability of an oil price deal and the resulting drop in the oil prices increased the haven demand for the treasuries. 

The 10-year yield dropped more than three basis points. The 2-yr yield fell almost two basis points. The 30-year yield was down three basis points as well. 

Saudi Arabia said over the weekend that an output cut may not be required, while as per the latest report non-OPEC meeting has been cancelled. That leaves OPEC alone to work out a deal to support oil prices. 

Moreover, the treasury prices and other traditional safe havens, have been oversold over the last two weeks and risk snapping back if the oil drop worsens. Both WTI and Brent were last seen trading 0.5% lower on the day.