At room temperature, oil is any nonpolar chemical compound that is a viscous liquid. Oils are combustible and surface-active due to their high carbon and hydrogen content. Oils can be animal, vegetable, or petrochemical in origin, and they can be volatile or non-volatile. They are used for food, fuel, medicine, lubrication, and the production of many different types of paints, plastics, and other materials.
Worldwide, in 2020, the production of oil was 88,391 in 1,000 barrels per day. The country that produced the most that year was the United States with over 11 million barrels a day. It was followed by Russia, with almost 10 million, and Saudi Arabia with over 9 million.
Because this is a sector that moves a lot of money and changes all the time, if you want to invest in it, you must stay up to date on oil rates every hour. This is possible with the use of an API, which is a link that allows two computers or applications to interact with one another. An API answers a request with a result, which is generally in JSON.
JSON API, also known as JavaScript Object Notation, is an encoding method that eliminates the need for each application to create its own ad-hoc code in order to interface with servers that communicate in a specified manner. Support for entity types, bundles, and fields, as well as data storage and data structures, are all included in the JSON API module.
But how can you obtain this information? We recommend using commodities-API, a free web API that provides real-time data on commodity rates such as rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, and many others. It can also provide accurate commodities and exchange rate data for nearly any commodity, as well as 170 global currencies, including Bitcoin and other major cryptocurrencies.
How Does It Work?
Commodities-API data may be supplied in any currency, with a precision of two decimal points, from a broad range of over 170 choices. You may also get data updates every 60 seconds and conduct 100.000 API requests each month. To obtain the data, first, log in to the website, obtain an API key, and then select the currency and commodity of interest. That’s all there is to it, and you may use the API anyway you see fit.
This API collects data from banks and the stock exchange and then uses it to offer you the most reliable and secure data. Aside from that, Commodities-API uses bank-grade 256-bit SSL encryption, which ensures that your connection is secure at all times. The API only provides midpoint data for commodities and currency rates. Midpoint rates are calculated by taking the average median rate of Bid and Ask at a given moment.
Also published on Medium.