Future outlook for crude oil: Further recovery is likely

For the third day in a row on Monday, traders reduced their open interest positions by almost 6.6K contracts, according to CME Group's flash data for crude oil futures markets. Volume in the same line decreased for the second session in a row, now by roughly 146.7K contracts.

WTI: A short-term barrier is $77.50.
Although the daily decrease in WTI prices was accompanied by declining open interest and volume, which cautions against the continuation of the retracement and favors further recovery instead, the commodity's pricing had a rough week to start. With that said, the interim 55-day SMA, which is now close to $77.50, becomes the commodity's immediate objective.