Are you looking for a way to get crude oil rates in Australian Dollar? Use an API!
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 regenerated naturally, making it costly and in great demand. Because it is a fossil fuel, it is used to make gasoline, diesel, and other petrochemicals.
Europe produced more than 20 million metric tons of crude oil in 2020, with Russia contributing the most. Many European oil-producing countries are reaching their peak output, while others, such as the United Kingdom, have already passed it. The United Kingdom, a once-significant oil-exporting country, is now obliged to rely on oil imports to fulfil its domestic oil consumption after achieving its peak oil output in 1999.
As of 2016, Australia ranked 38th in the world with 1,193,000,000 barrels of proved oil reserves, accounting for around 0.1 percent of the world’s total oil reserves of 1,650,585,140,000 barrels. Australia has proven reserves of 2.9 times its yearly consumption. This indicates that if no imports were made, there would be enough oil for around three years (at current consumption levels and excluding unproven reserves).
As a result, staying up to date on crude oil rates in Australian Dollars may be crucial in order to make sensible investment decisions. You may end up with terrible results and lose money if you do not watch the commodity and see how it performs in the market.
This may be accomplished through the use of an API, which is a user interface that accepts data from a location and provides it to the person who made the API call. This is widely used on many websites and is quite beneficial when you need up-to-date information right away.
But, Exactly What Is An API?
After launching an API request, you will receive data in a matter of seconds (or, more correctly, making an API call). This response is delivered in a number of computer languages, depending on the API, including JSON, PHP, and Python.
If you’re looking for crude oil prices in Australian Dollars, we recommend Commodities-API, a free web API that provides real-time data on commodity prices including coffee, rice, sugar, and wheat.
To take use of it, you must perform the following:
- Go to www.commodities-API.com to get your own API key.
- Locate the symbols you want to submit to the test (WTIOIL or BRENTOIL and AUD)
- Using these symbols, locate the commodity and money in the list. After you’ve settled on them, make the API call.
- Look for the most recent pricing. The website will give you an API in a range of computer languages that you may tweak and use in any way you see fit.
You will be provided with the following API:
{
"success": true,
"timestamp": 1519296206,
"base": "WTIOIL",
"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,
[...]
}
}
Additional Details About This Software
Commodities-API can deliver real-time commodities data with a 2 decimal point precision and a 60-second frequency. There are exchange rates for almost every commodity, as well as Precious Metals, currency conversion, Time-Series data, and volatility statistics.
Rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, gold, silver, and other commodities are all rising in price. This API provides exact commodity and exchange rate data for over 170 currencies, including Bitcoin and other major cryptocurrencies, including Bitcoin.
Also published on Medium.