Oil traders have "gone too far" by almost completely pricing in an exact equivalence of current U.S. economic conditions with the depths of the global financial crisis, according to the head of commodities research at Standard Chartered.

Brent and U.S. West Texas Intermediate (WTI) crude futures have fallen almost 20% since reaching their 2019 peaks in late April, dragged lower by intensifying fears of an economic downturn that has started to impact oil consumption.

It comes at a time when energy market participants are increasingly concerned that recent selling has been driven by a spike in oil inventories that could suggest the demand for oil is deteriorating.

The energy market "has priced in an outcome which is far worse than is actually going on. We have priced in something as severe as the immediate post-Lehman figures," Standard Chartered's Paul Horsnell told CNBC's "Squawk Box Europe" on Tuesday.

In a research note published last week, the investment bank said the latest Energy Information Administration (EIA) report continued a run of "extremely weak" data.

The stockpiles report published earlier this month showed a strong build up in crude oil, gasoline stocks and distillates. Increases across the board surprised the market, with crude futures tumbling on the news.