Treasuries Finish Higher

Prices surged as crude oil prices rose late in the day

Treasuries opened under pressure -- softer oil and stronger stocks overnight underpinned the pullback. Plunging commodity prices, especially copper, which suggested global economic weakness, in addition to rising tensions in Iraq (Allawi Fallujah issues another ultimatum) stemmed further losses. The Treasury bid held, with losses pared by noon as stocks turned negative and oil rebounded off the lows. Treasuries then surged on the reversal in oil after Venzuela's energy minister said oil prices will remain at record highs.

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