Do you have a company that needs to buy oil? Well, in this case, it is important to know that the prices of this product can change from one day to the next. Therefore, you have to be informed. Luckily for you, here we will leave you a service that will serve you for this, it is the best for crude oil prices historical data API.
Crude oil is the liquid component of petroleum and its composition varies dramatically. Although the specific amounts of different hydrocarbons vary, it is always made up of a number of different hydrocarbons. Crude oil is typically 85% carbon by weight, with most of the rest being hydrogen. Within crude oil there are also significant amounts of sulfur, oxygen, and nitrogen. Oil was formed hundreds of millions of years ago in ancient oceans. In these oceans, dead organic matter fell to the ocean floor and mixed with inorganic material.
Crude oil itself is not extremely useful, so it is refined to produce a variety of useful products. These products include heavy oils for industrial boilers, fuel, diesel, kerosene and gasoline. The main refining process used for crude oil is fractional distillation. In this process, crude oil is heated and vaporized and rises up a vertical column, and the different fractions condense at different heights due to their different condensation temperatures. The remaining products can be subjected to catalytic cracking of hydrocarbons to break the large hydrocarbon chains and obtain a higher yield of lighter components, such as gasoline.
To find out the prices of this commodity, there are many financial institutions in many countries in the world. However, one of the most prestigious sources is, without a doubt, CME Group. It is the world’s leading and most diverse derivatives marketplace. But it is also true that sometimes this task can take time. Luckily, Commodities-API exists to solve this problem and offer you crude oil prices instantly and easily. It’s the best commodity price API.
Why Commodities-API?
If you are wondering what Commodities-API is, here below we will explain it to you. It is the leading service in raw material rates. Its goal is simple, to give you prices instantly and always keep you updated. Its function is to be an alarm that notifies you of changes in the rates of raw materials and, in this way, avoid buying crude oil at higher prices. This API (application programming interfaces) receives price information from more than 15 trusted data sources, such as banks and financial institutions. And if you ask yourself, the answer is yes. CME Group is one of the sources, which will give you peace of mind that this service offers reliable information.
This data is provided in real time, with a precision of 2 decimal places and a frequency of up to 60 seconds.
To know the prices of crude oil, you must follow the following steps:
1- Visit www.commodities-API.com and generate the API key.
2- Register and choose a plan. One is free and the rest are paid. Monthly prices from 15 dollars.
3- Find the crude oil symbol and the currency of your country.
4- Once you have decided on them, make the call to the API.
5- As a programming language, you can choose between JSON and PHP.
Doubts? Questions? Use the virtual chat to communicate with a Commodities-API advisor.
Also published on Medium.