When gamblers want to bet on "oil" they buy the futures, they don't buy physical barrels of oil. All good considering that oil futures can be leveraged 20x and are otherwise disconnected from reality 29 days out of 30 each month. They buy oil futures for many reasons - fake OPEC deals, short-covering, Groupthink, CNBS etc.
ZH: March 8, 2016
EIA Forecasts Higher Production and Lower Demand For 2016 and 2017
Spot oil aka. "the market" is red. December is black:
U.S. daily surplus: