Oil prices eased as supply looked set to keep rising.
There appeared to be little immediate prospect of demand keeping pace, which could keep already low levels of inflation in check across Western economies. High-rated fixed income assets like US Treasuries, gilts and German Bunds, gained as a result.
The 10-year gilt yield fell as much as 5 basis points on the day to 1.404 percent, its lowest level since March 8 - a day when poor Chinese economic data sent safe-haven government bonds rallying.
It was last at 1.418 percent, down 4 basis points on the day.
Yields for other gilts with both shorter and longer maturities also slipped.
The yield spread between 10-year gilts and the equivalent German Bund narrowed by around a basis point on the day to 126.5 basis points.