Do you want to use the perfect API for crude oil rates? Then check these ones!
Crude oil is and has always been one of the world’s most significant commodities. This is due to the fact that it is a scarce resource that cannot be regenerated naturally, making it costly and in great demand. Because it is a fossil fuel, it is used to make gasoline, diesel, and other petrochemicals.
International oil prices decreased by more than a third in 2020 (-35 percent for Brent, at US$42/bbl) as a result of the COVID-19 epidemic and lockdown measures, which caused a significant decline in global demand. As a result, OPEC+ decided in April 2020 to reduce worldwide crude oil production by 9.7 million barrels per day (mb/d) from 1 May 2020 to 30 June 2020 (extended to end-July 2020), in an effort to reduce global oversupply and firm up low oil prices. As of August 2020, restrictions were removed (global reduction restricted to 7.7 mb/d).
In 2020, US crude oil production (17 percent of global output in 2020) fell by 3.4 percent, expanding the gap with Saudi Arabia as the world’s greatest crude oil producer, with the US producing 42 percent more oil than Saudi Arabia. Overall, oil output in the Middle East declined by -8.8 percent, with Saudi Arabia losing -7 percent, Russia losing 8.6 percent, and Nigeria losing 14 percent. It fell by 4.5 percent in Canada, but increased by 1.6 percent in China and 7.1 percent in Brazil (surging pre-salt production).
As a result, being up to date on crude oil pricing may be essential for making informed investment decisions. You may end up with terrible results and lose money if you do not watch the commodity and see how it performs in the market.
This may be accomplished through the use of an API, which is a user interface that accepts data from a location and provides it to the person who made the API call. This is popular on many websites and is quite beneficial when you require current information right away.
After initiating an API request, you will receive data in a matter of seconds (or, more correctly, making an API call). This response is delivered in a number of computer languages, depending on the API, including JSON, PHP, and Python.
So, in our opinion, the best APIs online to help you gather this information are:
1. Commodities-API
Commodities-API is a free commodity pricing API that provides commodity price for commodities such as coffee, rice, sugar, and wheat. It can provide data in whatever currency you choose, with an accuracy of two decimal points, from a list of over 170 options. You may also receive data updates every 60 seconds and do 100.000 API queries each month.
The API provides midpoint data for all commodities and currency rates. The midpoint rate is determined by averaging the median bid and ask rates for a certain time period. Currency and commodity prices are converted using the same API endpoints, and any amount may be converted from one currency to another.
2.Barchart
Barchart was among the first websites to offer statistics on commodity and futures markets. Is a global leader in financial technology that delivers market data and services to the financial, media, and commodities industries.
Barchart’s diverse customer base relies on its unique data, software, and technology solutions to power its operations from front to back office, while their media brands provide web content, news, and magazines to help financial and commodities professionals make choices.
3. CommoPrices
This API allows you to obtain price and value data for over 10,500 commodities and indexes. Depending on the source, the data may be updated daily, weekly, or monthly. The data is published more often as the market becomes more liquid.
To acquire the data, go to www.api.commoprices.com and search for the commodity you want. HTTPS is used to secure requests between your browser and their servers.
Also published on Medium.