Strength in oil is pulling treasury yields higher, although gains remain restricted due to flight to safety amid wobbly equity markets and Brexit fears. At the time of writing, 10-yr treasury yield was up just one basis point (bps) around 1.74%. The 2-yr yield, which mimics short-term rate hike bets, was largely unchanged around 0.728%. Oil prices strengthened today on prospects of a drop in the US inventories and joint OPEC and non-OPEC output freeze. Meanwhile, an upbeat China services PMI data also helped equity markets stabilize. Consequently, yields rose, although they still trade around multi-week lows. For more information, read our latest forex news.