The first large-scale financial manipulations with the price of oil began in the 19th century. In the early stages of the development of the oil industry, the price of oil was established by monopolistic companies, the first of which was Standard Oil, and later the Texas Railway Committee. 
In 1928, the oil cartel was created, which controlled about 90% of the world's oil. These were five US companies (Mobil, Exxon, Gulf, Standard Oil Company of California, Texaco) and two British (Royal Dutch / Shell and British Petroleum). 
Since the 70s of the last century, control over oil prices has passed into the hands of the Organization of Petroleum Exporting Countries. But this did not last too long, in 1983, futures contracts for the price of crude oil were introduced, which were beneficial to the sellers and at the same time insured buyers against jumps in the price of oil. 
Nowadays, the main grades of oil, for which prices are even all over the world, are the American West Texas Intermediate (WTI) grade, and oil from the North Sea fields, which is sold under the Brent grade. Russian oil is exported to the west under the Urals brand and is considered to be of lower quality due to its higher density and high sulfur content. 
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