The benchmark 10-year Treasury note was last up 12/32 in price to yield 1.5040 percent.
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Oil prices from 2014 to date. Moreover, EIA reported last week that crude inventories increased to 1.4 million barrels for the week ending August 3, preceded by an increase of 1.7 million barrels in the week before.
Weakness in global crude markets may persist as demand slows seasonally and fuel inventories remain abundant, the Organisation of Petroleum Exporting Countries said in its monthly report Wednesday.
Saudi Arabia and OPEC once favored keep prices high through production cuts but have decided in the past two years to instead keep the spigots on full blast and compete for oil buyers-a decision that fueled the glut.
A monthly report from the Organization of Petroleum Exporting Countries also showed Saudi Arabian oil production at almost 10.5 million barrels per day in July – a record high, above peak levels seen the same time a year ago.
After more than a year without setting fresh records, the United States benchmark S&P 500 stock index consistently has been reaching new peaks after breaking to an all-time high a month ago.
Oil extended its losses as weekly government data showed USA crude stockpiles unexpectedly expanded, keeping inventories at the highest seasonal level in more than three decades.
US West Texas Intermediate (WTI) crude futures were trading at $41.59 per barrel at 0650 GMT, down 12 cents from their last settlement.
The upward trend also suggests that major cartel members are making maintaining market shares their priority and holding on to the tactic that lower oil prices will drive away non-OPEC high-cost producers, such as the USA frackers.
Short interest – betting that the price will fall further – in the “black gold” commodity is even greater than it was in January, when the price of oil plunged to the low $30-range. The EIA also reported that US gasoline stocks fell 2.8 million barrels last week, which is the second-largest weekly draw for gasoline since mid-April. For instance, in the Organization for Economic Cooperation and Development, a group of countries with advanced industrial economies, crude-oil inventories rose to a record 3.09 billion barrels in June, the agency said. This was the main reason why crude prices have come under downward pressure in recent weeks, OPEC said.
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Sentiment was not helped by Saudi Arabia reporting it pumped a record 10.67bn barrels of oil a day in July in response to a summer surge in domestic demand.
