Fuel is still the most used energy source in the world. That is to say, petroleum allows from product manufacturing to shipping and is key to keeping industries going.
Even though crude oil is constantly being traded, stock levels fluctuate in reaction to production and consumption trends, and this information is used by investors as a signal.
Investments
Oil is an economic and strategic asset for many countries since it provides basically all of the energy we need. Countries like the Emirates and the United States keep large crude oil reserves for future use.
Moreover, petroleum investors are looking for crucial economic data that can help them estimate future trends. Oil companies are affected by inventory levels, global demand, and economic indicators.
Players
Additionally, traders are keeping an eye on two major worldwide contracts as a result of the oil market: West Texas Intermediate (WTI) on the New York Mercantile Exchange and Brent crude on the Intercontinental Exchange.
Furthermore, if you’re considering investing in crude oil or any other commodity, you’ll need to be aware of real-time rates in a variety of currencies. Indeed, the most precise approach to obtaining this data is through an API.
Commodities-API
This website compiles data prices in a variety of currencies from many sources and organizations all over the world. Commercial sources, especially for big currencies and commodities, are frequently chosen since they better reflect market exchange rates.
Commodities-API began as a simple, minimalist Open-Source API for recent and historical commodity prices from financial institutions.
Accuracy
With a two-decimal-point precision and a 60-second frequency, the API can deliver real-time commodity data. Commodities-API is built on a strong back-end architecture that ensures high availability and sub-50 millisecond response times for defined API calls.
Safe
The website uses bank-grade 256-bit SSL encryption to protect your connection.
Thousands of developers, small enterprises, and large corporations use Commodities-API on a daily basis. This API is the most popular due to its extensive data sources and 6+ years of experience.
Endpoints
There are several endpoints in the API, each of which serves a particular purpose. Getting the most recent commodity rates data for all or a specific set of currencies, translating figures between currencies, retrieving Time-Series data for one or more currencies, and querying the API for daily fluctuation data are just a few of the endpoint features.
Fluctuation Data
API Request:
https://commodities-api.com/api/fluctuation ? access_key = API_KEY & start_date = 2015-12-01 & end_date = 2015-12-24
API Response:
{
"success":true,
"fluctuation":true,
"start_date":"2018-02-25",
"end_date":"2018-02-26",
"base":"EUR",
"rates":{
"USD":{
"start_rate":1.228952,
"end_rate":1.232735,
"change":0.0038,
"change_pct":0.3078
},
"JPY":{
"start_rate":131.587611,
"end_rate":131.651142,
"change":0.0635,
"change_pct":0.0483
},
[...]
}
}
Also published on Medium.