The market is reacting to some rhetoric regarding the Iranian situation.

The traders are simply taking profits. They want to lock-in their gains before the inventory report comes out on Wednesday.

Nobody knows what to expect next. That's why the crude market is apprehensive.

The bin Laden tape has caused a knee-jerk reaction on the part of the market.

What the market has found is that the $68-level has a rather strong resistance, and so the contract is now retreating slightly on profit taking.

A lot of uncertainty remains in how the Iranian situation will work itself out. There is some concern in the Asian market on whether Iran is a reliable supplier.