Oil prices increased due to a weaker dollar and supply concerns.

SINGAPORE, October 18 (Reuters) - Oil prices rose on Tuesday, supported by a weaker U.S. currency and supply woes. However, gains were limited by the possibility of decreased fuel consumption from China, which is maintaining its rigorous zero-COVID policy.

As of 06:43 GMT, Brent crude prices had gained 82 cents, or 0.9%, to $92.44 per barrel, while U.S. crude futures had gained 57 cents, or 0.5%, to $89. WTI crude rose 86 cents, or 1%, to $86.32 per barrel.

The U.S. dollar index (a proxy for the value of the greenback versus a basket of six major counterparts, including the pound) fell to its lowest level since October 6. If the dollar drops in value, oil becomes more affordable for consumers using other currencies, increasing the likelihood that they will make purchases.

ANZ Research analysts wrote in a note that investors had been seen expanding their long holdings in futures following the severe production cut agreed on by OPEC+ — the Organization of the Production Exporting Countries (OPEC) and its allies, including Russia — earlier this month.

As the White House has accused Saudi Arabia of pressuring other countries into accepting the reduction in the output objective, OPEC+ members have been lined up to embrace the drop.

Oil prices were partly supported by market speculation that China will maintain its accommodative monetary policy to boost its economy, which COVID-19 restrictions have hampered. On Monday, the country's central bank renewed maturing medium-term policy loans while maintaining the status quo with its key interest rate for a second consecutive month.

CMC Markets analyst Tina Teng noted that the delay in China's release of its economic statistics, which were due on Tuesday, weighed on sentiment because of China's gasoline consumption outlook. Unannounced release date

According to Teng, continued enforcement of China's zero-COVID policy has raised doubts about the country's economic growth.

In terms of supply, a preliminary Reuters poll released Monday showed that U.S. crude oil stocks rose for a second consecutive week by an estimated 1.6 million barrels in the week ending October 14.

The largest U.S. shale oil sector, the Permian Basin of Texas and New Mexico, are forecast to raise production by 50,000 BPD this month to 5.453 million BPD.