Do you need the daily rates for WTI and Brent crude oil? Would you like to obtain these prices simply and quickly? Well, you are in the right place. Next, we will present an API that will help you with this task. It is the best crude oil rates API.
Brent crude is a blend of oil (a mix of Brent, Forties, Oseberg, and Ekofisk) extracted from the bottom of the North Sea. It is normally refined to obtain diesel fuel and gasoline. In trading, Brent is one of the benchmarks for oil in the world market, such as the Middle East, Europe, and Africa. In contrast, WTI (West Texas Intermediate) crude oil, is a mixture of various oils extracted and processed in the United States and is commonly used to produce refined gasoline. In the world of trading, WTI is primarily a benchmark for the US oil market.
Brent has a series of advantages since it is extracted at sea and not on land, such as the fact that large volumes of oil can be transported quickly and safely through underwater pipelines. However, in the United States, the production advantage lies in new extraction technologies, such as well stimulation techniques and horizontal drilling. However, when it comes to crudes like Brent and WTI, investors need to keep an eye on the political climate in the Organization of the Petroleum Exporting Countries (OPEC) regions and the United States.
The difference between the spot price of Brent crude oil and WTI is called the Brent/WTI spread. Factors related to supply and demand, including production disruptions and geopolitical influences, can increase the spread. To be attentive to these types of changes, it is best to be alert to international news and use a system to check prices daily. In this situation, we recommend you to use the Commodities-API service.
Why Commodities-API?
Commodities-API is one of the newest digital tools in the global commodity market. But despite being new, in a short time, it became famous for the excellence of its service. For this reason, thousands of developers, SMEs, and large corporations use it daily. Some of its clients are very famous companies such as Barrick, Metex, Mansour, and Injective Protocol, among others. In addition, the prices of WTI and Brent crude oil are obtained with an accuracy of 2 decimal places and these rates can be updated every 60 seconds.
As its name indicates, Commodities-API is an API (Application Programming Interfaces), that is, a set of definitions and protocols used to develop and integrate application software, which allows communication between two software applications at the same time. through a set of rules. And here comes the best part, this service is free! You can see oil prices completely free! Of course, the service has usage limits, which you can exceed if you access a monthly payment plan.
We recommend that you go to its website and read the documentation about how to use this service. If you have any questions, please feel free to contact Commodities-API customer service or send an email to [email protected]
Also published on Medium.