Oil jumped to its highest level this year, nearing $70 a barrel and accelerating a sell-off in global debt markets.
油价昨日跃升至今年以来最高水平，接近每桶70美元，这加快了全球债务市场的抛售。
It is now at its highest since Opec’s historic decision in November to let prices fall in a bid to claw back market share by squeezing higher-cost producers.
自石油输出国组织（Opec，中文简称欧佩克）去年11月决定让油价下跌，通过挤压成本较高的生产商夺回市场份额以来，当前油价处于最高位。

Crude advanced after US oil inventories posted a weekly fall for the first time in four months and production from conflict-hit Libya suffered further falls.
原油价格上升之前，美国石油库存四个月来首次录得单周下降，同时深陷冲突的利比亚产量进一步下降。
Brent, the global benchmark, is now up more than 50 per cent since bottoming near $45 a barrel in January, boosted by stronger demand, near-record hedge fund buying and a slide in the US dollar.
全球基准布伦特(Brent)原油自1月份跌至每桶近45美元的谷底以来，已累计上涨逾50%，其推动因素包括更强劲的需求、逼近纪录的对冲基金买盘，以及美元汇率走低。
The rise in oil prices has encouraged expectations of higher long-term inflation rates — one factor driving a sell-off in bonds.
油价上涨鼓励了长期通胀预期上扬，这是驱动债券抛售的一个因素。
The rout threatens to halt a long-running rally in government debt that has been fuelled in part by the extraordinary measures taken by central banks in the wake of the financial crisis.
此轮抛售可能叫停政府债务持续已久的涨势，后者在一定程度上受到各国央行在金融危机过后采取的非常规措施的助推。
Prices for benchmark 10-year German bonds, considered a proxy for the wider European market, fell yesterday, sending yields, which move inversely to prices, to their highest point this year.
基准的10年期德国国债（被视为欧洲市场整体的风向标）价格昨日下跌，收益率（与价格反向而行）升至今年以来最高点。
The US bond market suffered collateral damage, with the 10-year US Treasury yield up 4 basis points to a two-month high of 2.22 per cent.
美国债券市场遭受附带损害，其中10年期美国国债的收益率上升4个基点，至2.22%的两个月高点。
The sell-off came as Federal Reserve chairwoman Janet Yellen warned that bond yields could jump higher when the US central bank raises interest rates.
债市出现抛售之际，美联储主席珍妮特•耶伦(Janet Yellen)警告称，美国央行开始提高利率后，债券收益率可能跃升至更高水平。
The sharp rise in the oil price over the past month could threaten Opec’s strategy of squeezing out higher-cost producers, say traders and analysts. Some of the biggest US shale producers, which have slashed costs and improved efficiency, have said they can increase production if prices remain at their current level. That threatens to add more oil to the market, again putting downward pressure on prices.
交易员和分析师们表示，油价在过去一个月大幅上升，可能危及欧佩克排挤成本较高生产商的战略。美国一些最大的页岩油生产商已经削减了成本，提高了效率，他们表示，只要油价维持在当前水平，他们可能决定增产。这意味着向市场供应更多石油，再度形成压低价格的压力。
“The factors supporting the upward momentum cannot be underestimated and could drive prices even higher in the near future,” said Tamas Varga at PVM, an oil brokerage.
“支持油价上行势头的因素不可低估，它们可能在不久的将来进一步推高油价，”石油经纪商PVM的塔马斯•瓦尔加(Tamas Varga)表示。
Steven Major, global head of fixed income research at HSBC, said the bond sell-off was driven by investor fatigue, as well as burgeoning signs of inflation and higher issuance of eurozone bonds. “It’s a form of indigestion,” he said. “There just isn’t the same appetite for bonds at ultra-low yields.”
汇丰(HSBC)全球固定收益研究主管斯蒂文•梅杰(Steven Major)表示，此轮债券抛售的驱动因素包括投资者疲惫、初露头角的通胀迹象，以及欧元区债券发行量加大。“这是消化不良的一种形式，”他说。“对超低收益率债券的胃口不见了。”
QE in Europe sent share prices soaring and government borrowing costs to historic lows with yields on many government bonds falling into negative territory. But the recent bond sell-off has thrown that process into reverse.
欧洲的量化宽松(QE)导致股价飙升，政府借款成本降至历史低点，甚至有很多政府债券的收益率跌至负值。但近期债券抛售已逆转这一进程。
Two weeks ago, yields on German 10-year bonds had dropped to a record low of 0.05 per cent while shorter term debt across a wide swath of the eurozone government bond market traded below zero.
两周前，10年期德国国债的收益率曾降至0.05%的创纪录低位，而多种期限较短欧元区国家政府债券的收益率低于零。
Additional reporting Robin Wigglesworth in New York
罗宾•威格尔斯沃(Robin Wigglesworth)纽约补充报道