The crude oil price has seen some profit-taking in the Asian markets because of the buildup in the US inventories.

Also, the strength in the US dollar, which is trading at near two-year highs and no conflict expected in the Middle East during Ramadan; it could be after that, but as of now it seems a bit of a piece and that has taken premium of the price.

Even as European Union has been talking about sanctions on oil and gas, they have not done that. Instead, there is a conversation about phasing out Russian coal imports.

Also Read: Here’s a look at volatility in crude oil prices over the years

So there are various things that the markets are looking at and on top of that Shanghai's COVID lockdown is extended to 26 million residents. So the immediate day-to-day demand for oil and petrol also seems to be declining in China and that is weighing on.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.

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