Crude futures fell more than $1 on Tuesday after an overnight rate increase in India and a surprise contraction in the UK economy fanned concerns about the pace of the global recovery, and ahead of an expected build-up in U.S. inventories due later. By 1257 GMT, U.S. crude benchmark West Texas Intermediate (WTI) was down $1.23 at $86.64 a barrel. Brent future prices were down $1.19 to $95.42 a barrel. India's overnight interest rate increase was accompanied by a central bank warning that stronger inflation risks remained, renewing concerns that oil-hungry emerging economies could temper their demand growth. "Everything is down today, not just crude," Commerzbank's Carsten Fritsch said, as copper fell more than two percent and gold fell to its lowest in ten weeks. "We saw a similar price move already last week when there was concern about further tightening in China, but it proved to be short-lived." A surprise contraction in fourth-quarter UK GDP also
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