The short-duration and long-duration treasury yields in the US advanced on Tuesday, tracking the rise in volatile oil prices. The yield on the benchmark 10-yr Treasury note strengthened more than 3 basis points to 1.783%. The policy sensitive 2-yr Treasury note advanced more than one basis point to 0.714%. Oil prices rallied on hopes of a production cut with the world's biggest oil producers. Both benchmarks were up 6%, but trimmed gains after the Saudi and Qatar confirmed a production freeze only if other nations (Iran) agree to do the same. Traders in the US are due back at work Tuesday after Presidents Day and may react to talk of production freeze agreement by sending oil higher. Treasury yields could follow suit as well. For more information, read our latest forex news.