Are you interested in getting oil rates per barrel for your investments or projects, but don’t know where to begin? We might be able to help.
What is oil?
Since it’s used in pretty much everything, it’s one of the most popular commodities in the world. Its uses range from heating homes to running cars to making soap. It’s not just a commodity available on every street corner but it is also traded worldwide.
The oil commodities market is one of the most traded markets in the world. In fact, it makes up more than half of the naturally occurring hydrocarbons on the planet. The measure in which oil is sold is per barrel.
Why is oil sold in barrels?
A barrel has historically referred to a wooden container that held about 31 gallons when used for wine or beer and about 42 gallons when used for water but could hold other liquids such as oil. If a barrel has historically been used to measure liquids, then it would be an obvious measurement of value and pricing.
And why should you use an API to get oil rates per barrel instead of just looking it up?
Because companies need billions of barrels every day to sustain their operations, there are a lot of people trying to figure out how to get oil prices. An API is a piece of software that allows users the ability to get connected with this information instantly. Furthermore, the API will give you not only the current price per barrel, but also include historical pricing data (such as the highest price per oil barrel over a given time period) which can be plotted and visualized.
Because market fluctuations can result in large losses on a frequent basis, getting trustworthy, precise pricing updated in real-time is critical. Commodities-API is a good place to start.
Why Commodities-API?
Commodities-API is a programmatic interface that accepts data from a location and sends it to the person who requested the API, allowing you to stay up to date on real-time market prices. This webpage may be used to get live oil rates and track how they perform in the market. This platform also supports rice, wheat, coffee, corn, sugar, natural gas, Brent crude oil, WTI crude oil, soybeans, gold, silver, and a variety of other commodities.
The Commodities-API program collects and validates data from banks and the stock market. When you submit an API call, you will receive data in a range of programming languages with a precision of 2 decimal points. Furthermore, this software uses bank-grade 256-bit SSL encryption to protect your connection.
The same API endpoints are also used for currency and commodity price conversions, and they may be used to convert any amount from one currency to another, from one commodity to another, or from any currency to any currency.
How does it work?
Perform the following steps to find out how much live oil costs:
- Register at www.commodities-API.com to receive your unique API key.
- Look up the oil symbols and the currencies you’ll be working with on the internet.
- Locate the commodity and money in the list using these symbols. Make the API call after you’ve decided on them.
- The website will give an API that you may modify, use, and adapt in a variety of programming languages.
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Use this API to get Ethanol Rates Using Python
Also published on Medium.