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The price of crude %Oil has pulled back after touching its highest level in seven weeks.

Brent crude oil, the international standard, is trading at $69.05 U.S. a barrel, while West Texas Intermediate (WTI), the American benchmark, is at $64.67 U.S. per barrel.

Both oil prices are down about half of one percentage point after hitting their highest levels in nearly two months on concerns about U.S. inventory levels.

Commodities analysts say that heightened geopolitical tensions over Russia's invasion of Ukraine have added a risk premium in the market that has boosted crude prices.

However, oil prices are easing after data from the U.S. Energy Information Administration (EIA) showed crude inventory levels in the U.S. fell by 607,000 barrels in the week ended Sept. 19.

The decline surprised analysts who had forecast a build-up of 800,000 barrels of crude oil.

The EIA said the drawdown in America reflected stronger refinery runs and firmer demand for retail gasoline at the pumps.

Crude prices have also been supported by recent Ukrainian attacks on Russia's energy infrastructure.

Hawkish comments from U.S. President Donald Trump on Russia have also led to firmer oil prices in recent trading sessions.

Tougher sanctions on Russia could impact the country's oil exports, leading to tighter global supplies and boosting crude prices further in coming weeks and months, say analysts.