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Crude oil trend persists despite U.S. stock market highs, Mike McGlone notes
Mike McGlone, industry influencer, highlights that the crude oil market has maintained a pattern of lower highs since 2008, which is being put to the test in 2026.
He identifies the high valuation of the U.S. stock market as a key factor influencing whether this downward trend in crude oil prices will continue.
McGlone previously stated that the Bloomberg Energy Spot Index may only surpass its 2005 high if Brent crude remains above $120 a barrel, according to a 2023 analysis. In the digital asset space, he has also identified potential support for the Bloomberg Galaxy Crypto Index at 1,000 after a possible decline from a 2025 high near 4,000, as noted in an earlier report. These assessments reflect the broad scope of market levels McGlone has monitored in recent years.
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