Oil had its worst week of the year, and the plunge in prices have renewed concerns about the global economy , oil demand and a stubborn crude oil surplus. Oil fell along with everything else, as the gravity of the escalating U.S.-China trade war began to sink in. But there are cracks specific to the oil market that are becoming increasingly visible. On Wednesday, the EIA reported a surprise jump in crude oil and gasoline inventories, while production also increased. “The latest Energy Information Administration (EIA) data is extremely bearish,” Standard Chartered wrote in a note to clients. The investment bank has its own propriety “bull-bear index,” which offers a gauge on oil market sentiment and direction. The index read -100 this week, which indicates “the weakest data in the past six years.” The main reason why the EIA data was so negative was because inventories rose in all […]