Crude oil futures fall -- again

From Bloomberg:

Crude oil fell close to a three-month low in New York before a government report that may show U.S. supplies grew for a fifth straight week as mild weather reduced consumption.

Crude oil for December delivery fell as much as 30 cents, or 0.5 percent, to $59.41 a barrel on the New York Mercantile Exchange, where it was down 20 cents at 10:35 a.m. London time. Prices have dropped 16 percent from a record $70.85 on Aug. 30, a day after Hurricane Katrina struck the U.S. Oil touched $58.60 two days ago, the lowest intraday price since July 27. [bold mine]

Brent crude for December settlement fell 24 cents, or 0.4 percent, to $57.57 a barrel in London on the ICE Futures exchange, formerly the International Petroleum Exchange.

Stockpiles Growing

More increases in crude stockpiles would mark the second year in a row U.S. supplies grew instead of falling as they usually do when demand peaks during the Northern Hemisphere's winter. U.S. imports are recovering after the hurricane season as the Organization of Petroleum Exporting Countries and other producing countries pump near capacity.

Prediction, gas below $2 in the The States with crude hovering in the high $40s or low $50 by Q1 '06.