Actually industrial commodity prices including oil are low due to an overall weak world economy. Frankly with the Left in power throughout most of the West, do not see any real economic recovery soon. So yes, foresee oil prices to remain <$60 for at least the next three years. Even the war disruptions in the Mideast have not done much to raise prices. Libya and Iraq remain largely off line as suppliers with little effect.
Oil demand has continued to rise.
For a while, the supply was rising faster than the demand and drove the prices down.
Now the US production has slowed a bit but OPEC has increased their production.
Demand is continuing to rise. At sub $60 prices, oil demand will rise even more. But supply will fall more at sub $60 pricing as well.
Too many oil countries would have war or overthrown governments after years of sub $60 oil, disrupting supply and forcing prices to rise.