Oil prices are rising, correcting after falling at the end of the previous session.

Growing fears of a possible recession in the US as a result of rapid monetary policy tightening by the Federal Reserve (Fed) led to a stock market crash on Wednesday, leading to a downturn in the oil market despite data on a decline in US inventories.

“Inventory data speaks in favor of a rebound in oil prices, but given recession fears, the data is irrelevant,” said Kpler U.S. markets analyst Matt Smith, as quoted by Market Watch.

U.S. commercial oil inventories fell by 3.39 million barrels to 420.82 million barrels last week, 14 percent below the five-year average, the Energy Department said Wednesday. Experts surveyed by Bloomberg had expected inventories to rise by 2 million barrels.

Inventories at the terminal in Cushing, Oklahoma, where Nymex-traded crude is stored, fell 2.4 million barrels to 25.8 million barrels, the Energy Department said. U.S. oil production increased by 100,000 barrels from the previous week to 11.9 million bpd.

Marketable stocks of gasoline decreased by 4.78 million barrels, distillates – increased by 1.24 million barrels. Analysts expected their decrease by 1.4 million barrels and 600 thousand barrels, respectively.

The rise in oil prices on Thursday is a technical correction, says the managing partner of SPI Asset Management. The market is highly volatile, and at the same time investors have enough reasons to play down, the expert notes. Among the factors that may contribute to the decline in the oil market, he notes, in particular, signals of possible easing of sanctions against Venezuela.

The day before, the Associated Press agency wrote with reference to sources in Washington that the oil and gas giant Chevron Corp. has received an opportunity to start negotiations with the Venezuelan company PDVSA on the renewal of the license, although it does not yet have the resources to produce or export oil from this country.

The cost of July futures for Brent on the London exchange ICE Futures by 8:25 Moscow time on Thursday is $110.29 per barrel, which is $1.18 (1.08%) higher than the price at the close of the previous session. At the end of trading on Wednesday, these contracts fell by $2.82 (2.5%) to $109.11 per barrel.

The price of WTI oil futures for June at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time rose by $0.46 (0.42%) – to $110.05 per barrel. On Wednesday, the cost of these contracts fell by $2.81 (2.5%), to $109.59 per barrel.