Crude oil futures stabilizing under $60 a barrel

From Bloomberg:

Crude oil for December delivery fell 78 cents, or 1.3 percent, to $59.80 a barrel at 10:35 a.m. on the New York Mercantile Exchange. Futures have dropped 16 percent since reaching a record $70.85 on Aug. 30. Prices are up 20 percent from a year ago.

Supply is high and demand is lightening. My guess is high $40s to low $50s by Q1 next year.