How To Get Access To Historical Crude Oil Prices With An API

Are you trying to find an API that will provide you access to historical crude oil rates? Here, we explain how it operates.

You must first be aware that there are several forms of crude oils in order to locate this type of price online. Brent crude and WTI crude oil. These are the two categories of crude oil that are traded the most. WTI Crude is an oil extracted in the United States, whereas Brent is an oil extracted from the North Sea, which borders the United Kingdom and Norway. The three states of Texas, North Dakota, and New Mexico produce the majority of the oil in the US.

Every oil has a unique composition due to its variations in sulfur content and API gravity, which can have an immediate effect on pricing. Brent includes 0.37 percent sulfur compared to 0.24 percent sulfur in WTI. Oils are sweeter and simpler to refine the lower their sulfur content is. Sweet crude is a category that both WTI and Brent fall under.

Now that you are aware of this, you may search for the prices you desire. An API, which is an interface that collects data from a location and then instantaneously gives it to you, may be quite helpful for this. You may use this to request WTI or Brent crude oil rates and then receive the price in the chosen currency.

However, keep in mind that not all web APIs for commodities rates can provide you with historical data. These foreign exchange rates show companies how a currency pair has historically moved. These are the accounting charges that are included in the books and represent the price paid for the asset at the time of purchase rather than the asset’s current market worth. By using what has already happened, you may anticipate how the commodity will act in the future.

The Way To Get An API for commodities historical rates

Now that everything has been discussed, we can showcase where to find a suitable crude oil rates API and how to utilize it. There are a number accessible for commodities rates, but we’ll choose what we believe to be the most comprehensive one for this example: Commodities-API is a non-paid web API that enables you to track a variety of goods, including wheat, rice, sugar, coffee, oil, and coffee.

To utilize it, you must:

1. Register at www.commodities-API.com to get your unique API key.
2. Find the crude oil symbol and the currency you want to learn more about.
3. Use these symbols to find the item and the currency in the list, then select the time frame you desire. Once you’ve made a decision on them, call the API.
4. An API will be provided by the website in a range of programming languages, which you are able to alter and use anyway you see appropriate.

The result of historical rates would be as follows:

{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "WTIOIL",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}

Is this reliable?

Absolutely. To give you the most recent and secure information, Commodities-API gathers data from banks and stock exchanges. Additionally, it uses bank-grade 256-bit SSL encryption to constantly protect the security of your connection. The API only offers midpoint data for commodity prices and exchange rates. The midpoint is calculated by averaging the median bid and ask prices over a predetermined period of time.

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Also published on Medium.