Step 1: Concept
In an electrochemical cell, the reducing agent is the substance that undergoes oxidation at the anode by losing electrons.
Step 2: Meaning
A fuel cell converts chemical energy from a fuel (like hydrogen) into electricity through a chemical reaction with oxygen.
Step 3: Analysis
At the anode, hydrogen gas is oxidized: $2\text{H}_2 + 4\text{OH}^- \rightarrow 4\text{H}_2\text{O} + 4\text{e}^-$. Since hydrogen loses electrons and its oxidation state increases from 0 to +1, it is the reducing agent. Oxygen is reduced at the cathode, making it the oxidizing agent.
Step 4: Conclusion
Hydrogen ($\text{H}_2$) is the species that is oxidized and thus acts as the reducing agent.
Final Answer: (A)