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Oil slips below $93 a barrel as markets eye rates and headlines
After oil peaked near $106 last Tuesday, it fell to below $93, while 10-year Treasury yields are testing the 5.0% area with buyers stepping in around 4.9% to 4.9% repeatedly.
Mortgage News Daily says oil has become the main near-term driver after the Fed-related “post-Fed” focus faded, with the price per barrel now below $93 after cresting near $106 last Tuesday.
The outlet also notes that with no big-ticket economic data scheduled for the week, traders are largely watching Fed officials speaking, while “all eyes” remain on oil and war headlines for direction.
Mortgage News Daily adds that Treasuries have been reluctant to track the latest oil drop, and points to recent intraday behavior where yields and oil correlated more closely, though the relationship has tended to break down over longer periods.
On rates, it says a technical tug-of-war is forming around the 10-year Treasury yield level near 5.0%, where buyers have been stepping in when yields rise above that mark, but have pulled back when yields trade between 4.92% and 4.94%.