Filtering out an oscillation in data without data shift

Hello all,

I recorded data from a sensor measuring distance from a steel circular object moving in a cirular motion. Impurities in this steel object created an oscillation in my data that consistantly occurs in the same locations in all of my data. I want to be able to get rid of this oscillation. I would like to filter one data sample, and subtract the ocsillation from the rest, in case there is unique data that may be lost in filtering each sample.

Any ideas on this type of data filtering??