on the OBDII cars that I work on, (GM) there are distinct codes for O2 sensors. P1403 or something, I forget, but a fuel trim malfuntion would have its own code.
Not saying its not, but make sure you get the correct code for it.
Quick google gave me the idea that it is a fuel injection system fault. GM, Ford and some others give it as yours does a fuel trim malfunction.
some Japanese cars list it as the same idea, but call it a fuel injection malfunction.
Could definately be caused by a bad O2 sensor, but it could be other sensors too, say a MAF?
Could be a bad injector, bad ECU, bad battery/alternator, or even something as simple as a corroded connector or bad ground.
Sorry I couldn't narrow it down more, but its hard when your not looking at the veh.