Oil Prices Rise As Fed Announces Small Rate Hike

Oil prices were trading up close to 2% on Wednesday afternoon after the Federal Reserve raised the key short-term interest rate by 25 basis points, emphasizing that the “U.S. banking system is sound and resilient”.  The rapid rise in interest rates ultimately led to the collapse of Silicon Valley Bank (SVB), and a new study shows that scores of other banks are at risk of collapse due to high interest rates.  While the Fed said it was not ignoring problems with banks, officials said the financial system nonetheless remained…