Oil prices traded down today after shipments to Hungary restarted via the Druzhba pipeline. Rising Covid cases in China are wearing on the market. Prices had gained earlier in the day on news that an Iranian drone hit an Israeli-owned oil tanker in the Gulf of Oman.”Various geopolitical influences – from an oil tanker being hit by a bomb-carrying drone off the coast of Oman, to Russia tensions are being largely dismissed in favor of a focus on the more bearish elements such as weak Chinese economic data and demand,” said Matt Smith, oil analyst at Kpler. WTI traded down $1.33 or -1.5% to close at $85.59. Brent traded down $1.00 or -1.1% to close at $92.86.