Are you trying to get crude oil live rates in Euro? Here, we show you how an API can help you with that.
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 naturally replaced, making it pricey and in great demand. Because it is a fossil fuel, it is used to make gasoline, diesel, and other petrochemicals.
In 2020, Europe produced almost 20 million metric tons of crude oil, being Russia the country with the highest production. Many European oil-producing countries are approaching their peak output, and some, such as the United Kingdom, have already passed it. After achieving its peak oil output in 1999, the United Kingdom, a country that was formerly a significant oil-exporting country, now needs to rely on oil imports to fulfill its domestic oil consumption.
With this in mind, we could say that it’s very important to stay updated on crude oil rates in Euro. To find this information, using an API is the best solution. This is an interface that collects data from a place and then provides it to the person who requested it with an API call. This technology allows two computers or applications to communicate with each other and that’s how the data is obtained.
How To Get An API
An API can be found within a software that supplies it. There is a wide variety of them, and they accept a large range of currencies. However, if you are just interested in Euros, you should be cautious about which API you choose, as not all APIs are the same.
We propose Commodities-API, a free online solution that is currently the most comprehensive, for this exact purpose. This one gives data in over 170 global currencies on commodities such as oil, rice, corn, soybeans, and wheat, among others.
To get the information, you have to:
1. Enter www.commodities-API.com and sign in to get your own API key.
2. Search for the symbols of Crude oil and Euros.
3. Use these symbols to find the commodity and currency in the list. Once you choose them, make the API call.
4. The website will return you an API in various programming languages that you can adapt and use and adapt however you like.
The result will look something like this:
{
"success": true,
"timestamp": 1519296206,
"base": "EUR",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
}
How Is This Information Obtained?
Commodities-API obtains data from banks and the stock exchange. It then presents it to the user with a two-decimal point precision. It also employs bank-grade 256-bit SSL encryption to safeguard your privacy.
This API returns midpoint data, which is calculated by averaging the median bid and ask rates during a certain time period. Currency and commodity price conversions use the same API endpoints and may convert any amount from one currency to another, any commodity to any commodity, or any currency to any currency.
Also published on Medium.