U.S. government debt prices were higher Tuesday, after a historic oil price plunge stunned market participants in the previous session.
tumbled below zero for the first time on recordWest Texas Intermediate crude futures for May settled at negative $37.63 a barrel on Monday, closing in negative territory for the first time in history. The contract, which is set to expire on Tuesday, last traded at $1.36 a barrel.
The June contract for WTI, which is more actively traded, stood at $21.39 a barrel, up almost 5%. Meanwhile, international benchmark Brent crude traded at $24.86 a barrel, down 2.74% on Tuesday. On the data front, Philadelphia Fed non-manufacturing figures for April will be released at 8:30 a.m. ET, with existing home sales for March set to follow at 10 a.m. ET.
The U.S. Treasury is set to auction $28 billion in 52-week bills and $25 billion in 119-day bills on Tuesday.
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