Oil prices slipped for a third straight session on Wednesday as the dollar gained steam and investors braced for U.S. inflation data, while global recession risks and tightening COVID-19 curbs in China triggered worries about fuel demand.

Brent crude futures fell 46 cents, or 0.5%, to $93.83 a barrel by 0410 GMT. U.S. West Texas Intermediate crude was at $88.81 a barrel, down 54 cents, or 0.6%.

Both benchmarks fell 2% in the previous session.

The greenback rose to a fresh 24-year high against the yen on Wednesday on concerns about inflation and the pace of U.S. rate hikes. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on oil and other risk assets.

"Despite fundamentals auguring higher for oil and a rather hefty production cut OPEC backstop, any breakdown in risk assets may continue to hurt oil prices until some semblance of bottom forms in risk assets," Stephen Innes, managing partner at SPI Asset Management said in a note.