Crude Set to Hit Six-Months Lows Amid Supply/Demand Imbalance (OIL) (USO)

Crude prices are on pace to settle at the lowest level seen since last January as supply continues outpacing demand.

WTI crude traded as low as $46.68 per barrel overnight, while the commodity is relatively flat in the midday session.

Two key factors that may affect prices over the next few months include being past the peak driving season in the U.S., along with expectations of additional slowdown in Chinese energy consumption.

Traders will keep their eyes on crude inventory reports from the American Petroleum Institute and U.S. Energy information Administration on Tuesday and Wednesday, respectively.

On watch are the iPath Dow Jones-Goldman Sachs Crude Oil Fund (NYSE: OIL) and United States Oil Fund (NYSE: USO)

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