WTI crude is trading at around $76.09. Oil edged higher earlier after stories that Russia intends to reduce shipments from its Western ports by up to 25% in March.

WTI crude is trading at around $76.09 a barrel at present. From a technical aspect, we can see that on the 4-hourly timeframe, it has pierced through the white and orange trendlines. Although, it has now climbed above the orange trendline, previous support of $76.69 (white trendline) is now acting as resistance. A break and close above this trendline could see the price edge higher towards $77.75. On the other hand, as bears are still in control, support below now sits at $75.93 then at $75.65 then at $75.32. A break below $75.32 may see the price fall back again towards the support along the orange trendline ($74.97). Looking at the indicators, MACD has turned positive but RSI is neutral as it reads 49. The trend of lower lows and highs is still in play, so investors should be wary when placing long positions.