When did oil become part of the commodities market?

Oil became part of the commodities market in the early 20th century, gaining significant traction after World War II. The establishment of futures trading for oil began in the 1970s, particularly with the creation of the New York Mercantile Exchange (NYMEX) in 1978, which facilitated the trading of crude oil futures. This formalized oil's status as a key commodity, allowing for price discovery and risk management in global markets.