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Increase in COVID cases in Beijing casts doubts on global energy demand

Close price: Prices saw minimal movement day to day on Friday, virtually flat to close. Renewed lockdown measures in China is casting doubts over energy consumption. This brought down Brent to below $120.

Opening price: Prices are up due to an undersupplied system. An outage at the Norwegian Aasta Hansteen facility and a decline in imports via the Langeled pipeline. Russian flows are also lower in Europe via Nord Steam due to maintenance, expected to last until the 29th June.