US/ Oil stocks rose on the back of a sharp recovery in crude prices, with Exxon XOM.N and Chevron CVX.N up nearly 2% each. Concerns about corporate profit coming under pressure from soaring prices, an economic downturn and higher interest rates have roiled Wall Street in the past two weeks, pushing the S&P 500 to new closing lows for the year on Monday. U.S. Federal Reserve officials on Monday sloughed off rising volatility in global markets, from slumping U.S. stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation.