Oil prices declined for the third consecutive session today, Wednesday, as the dollar strengthened and investors prepared for US inflation data amid concerns about fuel demand sparked by global recession risks and tightened COVID-19 restrictions in China.

By 0410 GMT, Brent crude futures fell 46 cents, or 0.5 percent, to $93.83 a barrel. US West Texas Intermediate crude futures declined 54 cents, or 0.6 percent, to $88.81 a barrel.
Both benchmark crude oils fell by two percent in the previous session.

The dollar rose to a 24-year high against the yen on Wednesday due to inflation fears. A strong dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to affect oil and other high-risk assets.

The oil market is also under pressure from tightened COVID-19 restrictions in China, the world's second-largest oil consumer.

Major Chinese cities, including Shanghai and Shenzhen, have enhanced COVID-19 testing and tightened restrictions after infections rose.

On the supply side, a preliminary survey by Reuters yesterday, Tuesday, showed that US crude oil inventories increased by about 1.8 million barrels in the week ending October 7 after falling in the previous two weeks.

Inventory data were delayed by one day this week due to the Monday holiday.