Do you wish to get WTI crude oil rates per barrel? Then use an API!
Crude oil is a petroleum product made up of hydrocarbon deposits and other organic materials. It is a fossil fuel that is processed into gasoline, diesel, and other petrochemicals. It’s also a limited resource that can’t be replenished.
Keep in mind that WTI crude oil is not the same as Brent crude oil when looking for this type of price online. These are the two most major types of crude oil transaction. WTI Crude is produced in the United States, whereas Brent is produced in the North Sea, which borders the United Kingdom and Norway. The majority of the country’s oil reserves are held by Texas, North Dakota, and New Mexico.
There are also variances in the composition of each oil owing to sulfur and API gravity differences, which can have a direct impact on prices. WTI has 0.24 percent sulfur, whereas Brent contains 0.37 percent sulfur. The lower the oil’s sulfur level, the sweeter the oil and the easier it is to refine. WTI and Brent are both classified as sweet crude.
So, if you’re investing in WTI crude oil, being up to current on price per barrel is critical. Because oil prices are typically stated in dollars per barrel, the barrels-per-day (B/D) measure is extensively used in oil spot markets. A barrel of oil carries approximately 42 US gallons or 35 imperial gallons and weighs around 0.134 tons.
Why An API?
To keep up to date on WTI crude oil pricing, we recommend using an API. A network-based interface that allows two computers or programs to interact with one another is known as an API. When you make a request to an API, you’ll get a response from somewhere else.
To use this, you must locate software that allows you to access the API once per hour. There are many of them available online, but you should be cautious about which one you select because not all of them function in the same manner or offer the same effects.
To save time and money, we strongly advise you to utilize Commodities-API, one of the most advantageous commodity rate tools accessible. This API gathers price data from over 15 credible data sources, including banks and financial data, every minute.
To get the API with hourly price, you must first do the following:
- Register for your own API key at www.commodities-API.com.
- Look for the WTI crude oil and currency symbols that you want to use. The first one being WTIOIL.
- Using these symbols, locate the product and money in the list. After you’ve settled on them, make the API call.
- Look for the latest recent rates. The website will give an API in a variety of computer languages that you are free to modify and use anyway you see fit.
The result will be:
{
"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,
[...]
}
}
About Commodities-API
Commodities-API can provide real-time commodity data with a 2 decimal point precision and a frequency of up to 60 seconds. There are exchange rates for practically every commodity, Precious Metals, currency conversion, Time-Series data, and volatility statistics accessible.
Rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, gold, silver, and other commodities are all supported. This API delivers precise commodity and exchange rate data for practically every commodity, as well as 170 different foreign currencies, including Bitcoin and other major cryptocurrencies.
Also published on Medium.