Influence of Manipulations on Stock Exchange on World Oil Prices

This paper is the research of the pricing formation on the oil market. During the research it was needed to determine the place of speculations and its impact on the oil prices. Crisis in the years 2014-2015, which resulted in huge drop of oil prices, has been followed by number of economic papers, which are trying to estimate the factors that have such influence on the prices level. Many of the economists are sure that the main factor is speculations. That is why the main aim of the present work is to determine the basics of the oil pricing and define if the impact of speculations is strong enough. To realize the aim of the work a detailed research of the historical aspects of the oil pricing has been performed; current state of the production and consumption and resources level; financial markets and speculation role in it have been investigated. In order to determine the level of speculations influence we used the model, which applies real options method.