The benchmark yield on U.S. Treasuries rose for a seventh straight session on Tuesday, while oil was at its highest in nearly a year and stocks edged lower, with eyes on U.S. earnings and Joe Biden's inauguration next week.
The 10-year U.S. yield touched its highest going back to March as prices were pressured ahead of a $38 billion offering later from the Treasury.
The yield has risen every session this year on expectations of a massive stimulus package from the incoming Democratic administration.
Brent crude prices hit their highest since February as tighter supply and expectations of a drop in U.S. inventories offset concerns over rising coronavirus cases globally.
Saudi Arabia said it plans to cut output by an extra one million barrels per day in February and March.