The crude oil price is 4 percent up in April and this is a fifth straight month of monthly advances for the crude prices.

The latest surge comes in after Germany said that they are dropping opposition to a full Russian oil embargo. Germany has been the biggest opposition within European Union and wanted to put sanctions on Russia. So Germany has asked for sufficient time to secure alternate supplies.

So the point that they are off opposition has led to premium into the prices, but the Chinese COVID restrictions, impact on economic growth and demand is keeping the crude oil prices where they are.

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

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