Crude oil is one of the most important commodities in the world. This is used as a feedstock (raw material) in the manufacture of synthetic rubber, fibers, and other chemicals. The value of crude oil is determined by several factors, including the cost of extraction, transportation, and refining; world demand; and political events that affect supply.
Because of the several uses of crude oil in different industries, it has a huge impact on the global economy. Therefore, it is important to keep track of crude oil prices and trends. This is where an API can help, or more specifically, a crude oil futures API, which can be used to get real-time or historical information on crude oil prices.
How Can I Choose The Best Crude Oil Futures API For My Project?
There are a few things you should consider when choosing a crude oil futures API for your project. First, you should consider what data you need and how often you need it. You also need to consider what format you want the data in and what kind of security measures are in place. Finally, you should think about how easy it is to set up and use the API.
Additionally, you want to make sure that the API is compatible with the systems you use and that it has enough documentation and support available. There are many crude oil futures APIs, but they don’t always have historical data available, which makes it hard to track trends over time. So if you’re looking for an API to get real-time or historical crude oil prices; we recommend you try: the Commodities API.
Commodities API
The commodities API offers precise and current information on the price of crude oil. It provides a range of endpoints to assist you in locating relevant market information and predicting long-term market trends. For example, the historical data endpoint and the latest rate endpoint.
The commodities API has emerged as the ideal choice for developers. This API represents a quick and dependable solution without starting a whole new API from scratch. This API’s responses are delivered in JSON format, which is supported by many well-known programming languages. This saves time and effort for developers because it is straightforward to integrate into programs and websites that are already in use. Furthermore, subscription choices offer a maximum of 100,000 API requests with 60-second update intervals.
How Do I Get Started?
The commodities API is very easy to use; you just need to register an account on the commodities API webpage. After logging in, choose the base currency, symbols, and endpoint that best meets your needs. Finally, activate the “run” button to launch the API call. You may find all the information you need in a matter of seconds!
As an example, we used the “Latest rates” endpoint, the base currency “USD” and the symbol “CORN” and we got the results that are displayed below:
{"data":{"success":true,"timestamp":1682812080,"date":"2023-04-29","base":"USD","rates":{"WTIOIL":0.013024225058609},"unit":{"WTIOIL":"per berrel"}}}The answer established that 0.013024225058609 berrels of crude oil are equal to one US dollar.
Overall, the commodities API is a great tool that might help you get market information on several commodities, not just crude oil. This information can help you trade futures and more. So what are you waiting for to start making use of this API?