Since the Second Industrial Revolution, crude oil and fuel have gained a crucial play role in the world.
Thousands of industries depend on this raw material in order to produce what we consume every day of our lives.
A life without petroleum-based energy is unimaginable. Although there are brand new alternatives like the sun or wind-powered energy sources, fuel is still the most common one.
Oil As An Asset
Because oil provides so much of the energy we require, it is an economically and strategically crucial resource for many countries. OPEC nations and the United States, for example, preserve huge crude oil reserves for future use.
As a result of production and consumption patterns, its stock levels change, and this information serves as a signal to investors.
Petroleum investors are on the hunt for crucial economic indicators that can aid in forecasting future trends. Inventory levels, worldwide demand, and economic statistics all have an impact on oil businesses.
However, there are numerous internet solutions for obtaining data from OPEC, MCX, and other institutions. Nevertheless, the best way to do it is by developing an automated way to track rates.
PHP
PHP (Hypertext Preprocessor) is a general-purpose programming language that may be used to create interactive and dynamic sites. It was one of the first server-side languages to be integrated with HTML, making it easy to add functionality to web pages without having to access data from separate files.
Optimized Techniques
As a result, PHP-based software may simply be integrated with an API to enhance its capabilities by increasing speed and accuracy.
PHP (cURL)
Real-time rates: Find below a simple PHP example for getting commodities rates data via the Commodities-API API’s latest endpoint.
// set API Endpoint and API key
$endpoint = 'latest';
$access_key = 'API_KEY';
// Initialize CURL:
$ch = curl_init('https://commodities-api.com/api/'.$endpoint.'?access_key='.$access_key.'');
curl_setopt($ch, CURLOPT_RETURNTRANSFER, true);
// Store the data:
$json = curl_exec($ch);
curl_close($ch);
// Decode JSON response:
$exchangeRates = json_decode($json, true);
// Access the exchange rate values, e.g. GBP:
echo $exchangeRates['rates']['GBP'];
On the other side, commodities-api.com is probably always the better option. This is a website where you can track the prices of a wide range of goods. Finally, you’ll be able to forecast prices and convert them into the currency of your choice.
Commodities-API
This web API provides precise rate data for a wide range of commodities in a variety of currencies.
Commodities-API started as a basic, minimalist Open-Source API for financial institutions’ recent and historical commodity prices.
Preciseness
With an accuracy of two decimal points and a rate of up to every 60 seconds, the API can provide real-time commodity data. Commodities-API is designed on a solid back-end architecture that guarantees high availability and response times for defined API calls of fewer than 50 milliseconds. Only a handful of the tasks include delivering commodity exchange rates, converting single currencies, and returning Time-Series and Fluctuation data.
Secure
The Commodities-API protects your connection with bank-grade 256-bit SSL encryption.
Commodities-API is used by thousands of developers, small businesses, and huge corporations on a daily basis. Because of its dependable data sources and 6+ years of expertise, this API is the most popular site for commodity rates.
Also published on Medium.