U.S. Treasury yields fell in Asian trade on Friday, extending Thursday's declines following a well-received 30-year Treasury auction.

Long-dated Treasury yields remained comfortably below the 24-year highs reached earlier in the week, with falling oil prices also helping push yields lower.

"It's been a good week for U.S. bond auctions," ING's Padhraic Garvey, regional head of research for the Americas, and Benjamin Schroeder, senior rates strategist, said in a note. "Solid 10-year and 30-year auctions over consecutive days show there is a level where buyers step in."

The 10-year Treasury yield fell 1 basis point to 5.222%, while the 30-year yield declined 0.1 basis point to 5.605%, according to Tradeweb. They reached 24-year highs of 5.365% and 5.733%, respectively, earlier this week.

Despite recent setbacks, the outlook for fixed income appears brighter, Benoit Anne, head of market insights at MFS Investment Management, said in a note.

"This mainly reflects an improvement in the duration landscape," he said, adding that the market's repricing of the Federal Reserve's policy is now well advanced and may even be overpriced.

"This may help cap the upside risks to rates from the standpoint of monetary policy," he said. Upward momentum in long-dated U.S. yields also appears to have slowed somewhat, although fiscal challenges persist, he said.