Fears of recession and slowing demand have led to a pullback in the cost of a barrel of oil, with the U.S. benchmark falling below $100 for the first time since may. The cost of a barrel of oil had soared to over $130 earlier this year, spurred by a confluence of Russia's war against Ukraine that disrupted once reliable supply lines, and the reopening of economies around the world from Covid-induced lockdowns. Those conditions contributed to sky-high inflation of 8.6 percent in the U.S., a level not seen in over 40 years. To tame inflation, the Federal Reserve has been increasing its benchmark interest rate to cool the economy, which in turn has dimmed traders' demand for oil. According to the Wall Street Journal, contracts for Brent crude, the international benchmark, dropped $10.73, or 9.5 percent, to $102.77 Tuesday. West Texas Intermediate,…