Oil prices and commodities reverse from October run up

Why are commodities going down after their big October rally?  Certainly, today U.S. Crude Oil inventories were more than twice expectations. 

But is that it; an oil glut? We have heard that Iran, once sanctions are removed soon, will pump an additional 500,000 barrels of crude oil per day to add to this oil glut. 

Could it be a more fundamental story with both the IMF and WTO slashing global growth forecasts for 2016? Could it be that global trade imports and exports for the U.S., China, and Japan are dropping especially for China imports which dropped -20 percent year over year?

Commodities are now just about at their low last seen in the 2008 Great Financial Crisis despite trillions of dollars of ultra-accommodative Central Bank policy that should lead to asset and commodity inflation. 

"The QE experiment is not a failure but was intended to buy time to structurally reform Europe, Emerging Markets, and the U.S. into more pro-growth economic policies", says Voya Global. 

The structural reforms not only didn't happen but it looks like countries are engaging, instead, in competitive currency devaluation. Either way, a renewal of the decline in commodity prices is a real concern for the market outlook.