Oil Nosedives After SVB Collapse

Last Friday, the banking regulator of California shut down Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation as receiver of its assets. The sudden collapse tech and climate startup bank was quickly labeled the biggest bank failure since the 2008 crisis and the second-biggest in history. And as it fell, it took oil prices with it. Government officials, including the president himself and the treasury secretary, have assured the public there is no reason to worry about their deposits in other banks. In fact, the latest media…