Do you wish to obtain Brent crude oil rates in Indian Rupees? Then use an API!
Crude oil is a petroleum product made up of hydrocarbon deposits as well as other organic materials. It’s a fossil fuel used to make gasoline, diesel, and a variety of other petrochemicals. It’s also a limited resource that won’t last forever.
The United States, Russia, and Saudi Arabia are the top three world oil producers. According to the US Energy Information Administration (EIA), world oil demand in 2021 will be 98 million barrels per day. When the price of oil rises, demand in the United States falls; yet, as developing economies become more industrialized, demand is expected to rise.
lease note that Brent crude oil and WTI crude oil are not interchangeable. Only US and Canadian oil are priced in WTI crude, and roughly 60% of the world’s petroleum is considered to be valued in Brent Crude. Brent is a more widely used oil benchmark since it more closely reflects oil prices.
If you decide to invest in something like this, keep in mind how critical it is to keep up with the latest costs. This could be the impetus for your investments to change course. You could wind up with terrible outcomes and lose money if you don’t keep an eye on the commodity and how it performs in the market.
To acquire this, use Commodities-API, a programmatic interface that retrieves data from a location and returns it to the user who initiated the API call, to accomplish this. This tool can be used to monitor how the market reacts to Brent crude oil prices in Indian rupees.
Why Commodities-API?
You can track the price of a variety of commodities, including Brent crude oil, using the Commodities-API service. You’ll be able to forecast prices and convert them to your favorite currency as a result. This platform supports rice, coffee, corn, sugar, wheat, soybeans, gold, silver, and a variety of other commodities.
Commodities-API data can also be provided in any currency, including Indian Rupees, with a two-decimal point precision and over 170 possibilities. You can also receive data updates every 60 seconds and perform 100.000 API requests per month. Create an account on the website, obtain an API key, and then select the currency and commodity you’d like to learn more about. That’s all there is to it, and you can use the API however you choose.
After sending an API request, you will receive data in a matter of seconds (or, more correctly, making an API call). This response can be sent in a variety of computer languages, including JSON, PHP, and Python, depending on the API.
How does it work?
To find out how much Brent crude oil costs in Indian rupees, follow these steps:
1- Register at www.commodities-API.com to receive your unique API key.
2- Look up the symbols for Brent crude oil and the currencies you’ll be working with. In this case, the Indian Rupee is the recommended currency.
3- Locate the commodity and money in the list using these symbols. Once you’ve settled on them, make the API call.
4- The website will provide an API that you may alter, use, and adapt as needed in a number of computer languages.
Also published on Medium.