There are six schools of magic in Oblivion: Alteration, Conjuration, Destruction, Illusion, Mysticism, and Restoration. Every spell belongs to one of these schools, and your ability to cast a given spell is determined by your skill level in that school. The seventh magical skill is Alchemy, which allows you to create your own potions and poisons. This article talks about general aspects of magic, including features common to all six spell-casting schools.
taken from http://www.uesp.net/wiki/Oblivion:Magic_Overview
I dunno, I count it as one