Do you want to know why companies use APIs for live crude oil prices? If the answer is yes, you are in the right place! Keep reading to find out!
As you may be aware, oil is a commodity that is used to produce a wide range of products and services. And as any commodity, it is afected by the dinamic of offer and demand. For instance, airlines spend a lot of money on fuel for their aircraft, and how profitable an airline is may be significantly impacted by the price of oil.
What’s more, you should be aware that the price of crude oil has been more volatile than ever in the past year. The confrontation between Russia and Ukraine, the exodus from a pandemic-induced recession; and world political developments are only a few of the elements that have contributed to this.
Due to the constant changes in crude oil prices, many investors and traders use APIs for commodities prices that provide them direct access to live price market data. This is because, it is essential to track ongoing changes in order to make well-informed financial decisions for the sake of your business.
Main Reasons Why Companies Use An API For Live Crude Oil Prices
- Crude oil is a crucial energy source for the globalized economy. One of the most frequently traded commodities is crude oil; and geopolitical and meteorological factors have a significant impact on its price. Thus it is essential to keep track on its changes in order to get ahead of the competition.
- Brent North Sea crude; and West Texas Intermediate crude are the two crude oil grades that are traded the most on a global scale. Both Brent and WTI crude are used as price standards by significant sectors of the global oil production. So many companies choose to use an API for commodities prices in order to stay updated with these main crude oil prices.
- Get updated commodities prices at any moment. With an API for commodities prices; a company will be able to obtain any commodity live price at any time of the day. This way, the company will save time and resources by not searching for the prices itself.
Using an API is the best way to get a specific piece of data, but you need to know which web service has the finest API. This is because not all Internet-based APIs are trustworthy. For this reason, we suggest using Commodities-API, a reputable API with more than five years of market experience.
Since Commodities-API gathers its pricing information from over 15 trustworthy sources; it is the first choice of both businesses and investors looking for spot prices on commodities.
How To Use This API to Get Live Crude Oil Prices
- Get an API key by registering at Commodities-API. In this phase, you can also select the plan you want to use. Commodities-API now provides three plans: amateur (no-cost), basic, and professional. Choose the one that best meets your needs after taking into account their differences. For instance, if you choose the first plan, you will receive hourly commodity updates for no-cost!
- Authorize your API key. Just enter your bearer token into the permission header.
- Select the currency you want to view your pricing in; and then select the commodity symbol you desire (in this case, crude oil Brent or WTI). There are 170 different currencies accessible, so keep that in mind!
- Lastly, after you’ve made your choice, use the API and wait a short while!
Related post: 3 Low Cost Alternatives To Commoprices For Commodity Data API
Also published on Medium.