One of the best things to happen to company was the invention of APIs, which allow us to complete many activities that would require a lot of work without this technology. If you need to get crude oil prices, an API for commodity data is unquestionably the tool you need to employ. Keep reading to learn how to utilize the power of APIs!
The world market determines the price of oil. Oil is handled on a global scale and is easily transported by ship, pipeline, or barge from one market to another. As a result, the global price of crude oil is determined by the supply/demand balance. The expense of delivering crude oil to each market and the differences in quality between the various types of oil are reflected in price variations that occur around the globe.
The futures market, which trades in “paper” barrels in addition to the actual oil barrels that are traded, is a separate market. This just means that there isn’t typically a physical exchange of the product; instead, oil is traded on “paper” based on its perceived monetary value. Based on anticipated market conditions in the upcoming months or even years, paper oil contracts are bought and sold.
The price of oil in the upcoming month’s futures market is frequently used in media reports as an indicator of current oil prices. Because the futures price reflects the market’s consensus opinion of where prices may be headed at a certain moment in time, it has an impact on the spot price of oil currently being traded.
By gaining access to historical or real-time data regarding crude oil prices through a Commodities Data API, you may save time and effort. Making informed judgments, developing plans, and trend analysis are all possible using this data. Additionally, the API may be incorporated into current systems, simplifying access to the data and eliminating the need for manual data gathering and analysis. Additionally, the API makes it simpler to get data from many sources, enhancing the accuracy and dependability of the data.
We want to show you here the best option for obtaining commodities prices in the simplest way possible. It will take you just one minute!
Commodities-API
A computer program called Commodities-API developed by Zyla Labs, shows current commodity information. Depending on the bundle, it may update every 60 seconds or every 10 minutes. Additionally, it gives you access to historical data so you may consider the past and plan for the future.
In addition to a wide range of other commodities and currencies, Commodities-API supports rice, wheat, coffee, corn, sugar, brent crude oil, WTI crude oil, soybeans, and more. Current rates for a variety of commodities can be found using this method.
Additionally, this program gathers information from banks and the stock market using an API, which gives it complete credibility. Next, the data is provided with a two-decimal place precision and is compatible with JSON, PHP, and Python. Commodities-API uses 256-bit SSL encryption that is on par with what banks use to protect data.