Petroleum, often known as oil or crude oil, is a yellowish-black liquid that is in geological formations under the Earth’s surface, and it´s frequently processed into a variety of fuels. The price of oil it´s generally known to be spot as price of a barrel. From its knowledge as fuel, it became one of the highest tradable products in the world, mobilizing and even producing economic crises in various countries.
For the welfare of the people who are dedicated to trading oil rates, Ben Laidler, global market strategist at the eToro platform, agrees that oil prices will remain stable during 2022 and stresses that the impact of these prices will not strike a high peak.
So to keep you on top of oil prices, we will reveal you a number of sites that offers APIs, a user interface that receives data and measure your trading statistics. This response is made by a number of computer languages, depending on the API, including JSON, PHP, and Python. Our recommendations to control your economic movements are Barchart, CommoPrices and Commodities-API. We will use the last site to demonstrate how to use an API
How Does It Work?
It´s really easy to use. You have to enter to www.commodities-API.com, get an API key and look for the commodities and currency of your desire. After that, you´ll receive the API in JSON and it´s your to use however you like. JavaScript Object Notation is an encoding approach that eliminates the need for each application to develop its own ad-hoc code in order to interface with specified servers. Entity types, bundles, and fields, as well as data storage and data structures, are all supported by the JSON API module.
Where Does The Information Come From?
Every minute, the commodity price data offered by Commodities-API is gathered from more than 15 reliable data sources. Banks and financial data providers, or companies that are part of the same market and give authentic and real-time data, are examples of these sources.
Is It Possible For Me To Convert Currencies and Commodities?
Currency and commodity prices are converted using the same API endpoints, which may be used to convert any amount from one currency to another, as well as from one commodity to another and any currency to any currency.
For every commodity and currency rate data, the API includes midpoint data. Midpoint rates are calculated using the average median bid and ask rates at any given time.
The Api provides commodities such as rice, wheat, coffee, corn, sugar, Brent Crude Oil, WTI Crude Oil, palm oil, soybeans, natural gas, ethanol, gold, silver, rubber, and many others. For nearly every commodity, the API can provide detailed commodities and exchange rate data in 170 foreign currencies, including Bitcoin and other major cryptocurrencies.
For more information, check their website.