Oil Prices Sink Below $99 as Treasury Yields Fall

Treasury yields fell across the curve early Wednesday as oil prices continued their recent decline. The yield on the benchmark 10-year Treasury was 2 basis points lower at 4.947%, while the 30-year Treasury yield was also 2 basis points lower at 5.287%. The 2-year Treasury yield fell by 2 basis points to 4.758%.

The decline in yields mirrored the drop in oil prices, with Brent crude oil futures for November delivery falling 0.8% to $98.49 a barrel. This marked the sixth consecutive day of losses for the global benchmark, its longest losing streak since August 2025.

The contracts have fallen by around 9.5% since last Tuesday's close. U.S. West Texas Intermediate crude oil futures were also on track for their sixth straight day of losses, down 1.2% to $89.41 per barrel.