Oil backing away further as tensions ease

• Black gold taking a bow down to erase recent gains as supply tensions relax.
• Oil falls away from the commodity's recent peak.

Crude oil prices are continuing to step down from recent highs as production tensions let off the gas.

US-based oil drilling platforms and refineries on the east coast had to shutter recently in anticipation of a tropical storm blowing in off the Gulf of Mexico, but the storm changed direction and US crude production has been able to return to full online production, and WTI prices are back near 68.50.

Tensions over Iran's contribution to global oil production have also risen lately as the US seeks to impose hefty sanctions on the Middle East country, threatening countries around the world with similar measures if they get caught buying Iranian oil, but a leak out of Saudi Arabia shows the peninsula is seeking for barrel prices to remain between $70 and $80 per barrel, helping to cool crude costs.

WTI levels to watch

Support is currently sitting thin at 68.40, with further barriers sitting at last week's swing low at 68.20. Bulls have their work cut out for them, with an  aggressive climb up  the charts to a peak near 71.30 last week, placing a ceiling for a break higher far above.