Are you a producer of crude oil? Did you know that you could keep up to date with the prices of your product through internet platforms? Read this article and learn how to do it through a commodities rates API!
Crude oil is a petroleum product made up of hydrocarbon deposits and other organic elements that occurs spontaneously. Crude oil is a type of fossil fuel that is refined into useable products including gasoline, diesel, and other petrochemicals. It is a finite resource since it is a non-renewable resource that cannot be replenished naturally at the pace at which humans utilize it.
Crude oil is commonly collected by drilling, where it is often discovered with other resources such as natural gas (which is lighter than crude oil and hence sits above it) and salty water (which is denser and sinks below). Crude oil is refined and processed into a number of products for sale to customers, including gasoline, kerosene, and asphalt.
Crude oil, despite its moniker of “black money,” has a wide range of viscosity and color, ranging from black to yellow, depending on its hydrocarbon content. The first stage of refining is distillation, which involves heating oil and separating it into several components.
The world’s economy is now heavily reliant on fossil fuels like crude oil, and the desire for these resources frequently causes political upheaval, as a small number of nations possess the major reservoirs. Crude oil pricing and profitability are significantly influenced by supply and demand, much like any other sector.
The United States, Saudi Arabia, India, and Russia are the world’s biggest oil producers. India ranks 20th in the world in terms of oil production, with 1,016,370.64 barrels per day produced in 2016. Every year, India produces an amount equal to 7.8% of its entire proved reserves. Because of this, many investor use platform to get currency data about crude oil. Some sites that use are Barchart, CommoPrices and Commodities-API. Let´s use this last one to explain how to do it:
Commodities-API Summary
Commodities-API It’s a simple Open-Source API for accessing current and historical commodity rates from banks and the stock market. The API may offer currency values for almost any commodity, precious metals, single currency conversions, Time-Series data, and volatility information, among other things.
Ways Of Use The Platform
Commodities-API has the benefit of being a very user-friendly website. Follow the steps below to get started:
• Create an account on the website.
• Pick your goods and currency.
• Get an API request on the dashboard, and the program will react with an API answer, and you’re all set!
Secure Operations
The Commodities-API uses bank-grade 256-bit SSL security to protect your connection. Thousands of developers, small enterprises, and large organizations utilize Commodities-API on a regular basis. This API is the most popular site for commodity rates because of its reliable data sources and more than six years of experience.
Accurate Currency And Commodities Data
With an accuracy of 2 decimal points and over 170 different options, the Commodities-API allows you to access data in whatever currency you choose. You may also get data updates every 60 seconds and make 100.000 API queries every month.
Source Of Information
Every minute, the Commodities-API service gathers commodity pricing data from over 15 trusted data sources. Banks and financial data companies are among the sources.