U.S. West Texas Intermediate crude oil plunged earlier in the week on worries that escalating trade tensions between the United States and China could hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply. The price action was dramatic on the daily chart. It even changed the trend to down. However, while this week’s movement is easily spotted on the weekly chart, there has been no change in trend and it looks like a normal 50% correction in a bull market. What Happened? The markets were under pressure…