Here is an excellent comment by the author of this website, laying out what has been happening over the last 70 years. It's not what you think:
http://philosophyofmetrics.com/2015/01/08/china-saudi-arabia-forcing-usd-acquiesce/comment-page-1/#comment-7226
He wrote that comment on his own piece, which itself deserves to be read, about the price of oil, and who is manipulating it:
http://philosophyofmetrics.com/2015/01/08/china-saudi-arabia-forcing-usd-acquiesce/
NB If you look closely, you can see some of my comments below the article!
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