Are you looking for a way to keep up with crude oil rates? Let us introduce you then to these specialized APIs, and tell you which ones are the best! Continue reading this article for more information.
Commodities are marketable products that are often traded. It could be agricultural products like coffee or corn, or industrial materials like steel or oil. Prices for these items, like all traded goods, are determined by market demand and supply.
As you may know, oil is a commodity that is used to manufacture a wide variety of goods and services. And, like any commodity, it is affected by the offer and demand dynamic. Airlines, for example, spend a lot of money on fuel for their planes, and the price of oil can have a big impact on how profitable an airline is.
Furthermore, you should be aware that crude oil prices have been more unpredictable than ever in the last year. The conflict between Russia and Ukraine, as well as the flight from a pandemic-induced recession; and international political changes. These all are only a handful of the factors that have led to this.
Because crude oil prices fluctuate so much, many investors and traders rely on APIs for commodities pricing, which give them direct access to live price market data. This is because it is critical to track continuous changes in order to make sound financial decisions for your company.
How Can An API Help You Track Crude Oil Rates?
A device that connects two programs in order to acquire certain data is known as an API, or application programming interface. As a result, an API for commodities prices is a tool that gives the most recent prices for a wide range of commodities. All acquired from a number of reliable commodity exchanges.
However, not all commodity APIs carry all commodities. Some focus on metals, while others focus on agriculture, cereals, or energy. As a result, we propose that you choose between the top APIs for crude oil rates data available today. Let us introduce you to them:
Commodities-API
Commodities-API It is an open and accessible API that gives inflationary pressures like wheat, rice, coffee, and sugar. To receive the data, go to the website, create an API password, and then select the relevant currency and commodity. That’s all there is to it, and you are ready to utilize the Commodities-API however you see fit.
The Commodities-API may offer data in any currency you choose, with two decimal places of precision, from a database of over 170 options. You can make up to 100.000 API requests each month and receive data updates every 60 seconds.
CommoPrices
The Commo Prices platform generates pricing and ratings for over 10,000 commodities and benchmarks. The data may be updated daily, weekly, or monthly, depending on the source. The amount of data in an industry determines its fluidity.
Barchart
Barchart was one of the first portals to offer asset and derivatives data feeds. This organization provides market data and services to the financial, media, and commodities industries.
Media businesses provide internet information, news, and publications to assist financial and commodities professionals in making decisions. But on the other hand, Barchart’s proprietary data, software, and technology solutions power the operations of its diverse client base from front to back office.