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Oil futures have declined following the announcement by the Iraqi government that it has completed the necessary procedures to resume oil exports through the Iraq-Turkey pipeline in the north. Additionally, ceasefire efforts in Ukraine have also put pressure on prices. Throughout the day, the status of European and U.S. markets may be closely monitored.

As long as prices remain below the resistance level of 74.00 - 74.50, a downward outlook may prevail. In the event of a decline, the levels of 73.50 and 73.00 may be targeted, while the 74.00 - 74.50 resistance area represents a significant threshold for potential recoveries. For the continuation of upward momentum, hourly closes above 74.50 may be necessary; in this case, the levels of 75.00 and 75.50 could come into play. Critical levels for the day: 74.00 - 74.50.