Oil recoups some losses on signs of firm U.S. fuel demand

Oil prices inched up on Wednesday as industry data showed U.S. fuel stocks fell more than expected, recovering slightly from a 5% drop on Tuesday on fears fuel demand will suffer as China steps up COVID-19 curbs and central banks hike interest rates.

U.S. West Texas Intermediate (WTI) crude futures rose 64 cents to $92.28 a barrel at 0012 GMT, after sliding $5.37 in the previous session driven by recession fears.