Brent crude oil prices saw a full round trip after a 1.2% rebound, while 1-year Euro inflation swaps rose to 3.02% and 10-year US Treasury yields reopened half a basis point lower.
Brent rose 1.2% yesterday with no obvious headline driver, lifting 1yr Euro inflation swaps 9.3bps to 3.02%, but then fell around a percent overnight, leaving prices roughly unchanged versus the prior morning. With no clear fundamental catalyst and a full round trip in price, the net effect on Brent is neutral.
The article notes 10yr US yields reopened half a basis point lower this morning after the holiday, helped by Brent's overnight round trip. Half a basis point is a negligible move, so the effect on the yield is effectively neutral.
Brent crude oil experienced a volatile session, rebounding 1.2% before falling back approximately 1% overnight to return to previous levels. This price fluctuation briefly pushed 1-year Euro inflation swaps up by 9.3bps to 3.02%. Following the holiday, 10-year US Treasury yields reopened half a basis point lower as oil prices stabilized.
The article reports Brent rose 1.2% after two days of declines with no obvious headline driving the move, and then fell back about a percent overnight, returning it to roughly the prior morning's level.