Oil failed to sustain an early rally that followed news of attacks on commercial shipping in the Red Sea.
Notably, oil prices lost early gains and Brent eased around 57 cents to $78.31 a barrel amid doubts that OPEC+ would be able to maintain planned output cuts, particularly by some African countries.
At the same time, U.S. oil output is at record levels above 13 million barrels a day and rig counts are still rising.
A commodity faring better is gold, which surged suddenly this morning to top $2,111 an ounce for the first time before paring the gains to $2,086.
Yields on U.S. two-year notes rose almost 4 bps, but that follows a drop of 40 bps last week.
Persons:
Alexander Manzyuk, Wayne Cole, Treasuries, Yemen's, Brent, Bundesbank, Christine Lagarde, Bonds, Goldman Sachs, Anna Breman, Riksbank, Edmund Klamann
Organizations:
REUTERS, Bulls, ECB, Thomson
Locations:
Novosibirsk, Siberian, Russia, Wayne, Red, U.S, Saudi Arabia