Today’s world is hard to imagine without petroleum, fuel energy, and crude oil derivatives. Stock levels fluctuate in response to production and consumption trends, and this data serves as a signal to investors.
Asset
Moreover, oil provides so much of the energy that many countries require, it is an economically and strategically vital resource. Indeed, Countries in The Organization of the Petroleum Exporting Countries (OPEC), such as Saudi Arabia and the United States, hold huge crude oil reserves for future use.
Although the availability of newer options such as solar or wind-powered energy sources, fuel remains the most common source of energy.
Benchmarks
As a result of the oil market, traders are keeping a watch on two main global contracts: West Texas Intermediate (WTI) on the New York Mercantile Exchange and Brent crude on the Intercontinental Exchange.
You’ll need to be aware of real-time rates in a range of currencies if you’re considering investing in crude oil or any other commodity. In reality, using an API is the most precise way to access this information.
Information
Commodities-api.com is a website that allows you to keep track of the prices of a variety of commodities. Finally, you’ll be able to know prices precisely and convert them to your preferred currency.
Commodities-API
This website gathers data prices from a variety of sources and organizations from across the world in a variety of currencies. Commercial sources are valued because they more accurately reflect market exchange rates, particularly for large currencies and commodities.
Commodities-API began as a simple, easy-to-use Open-Source API for recent and historical commodity prices from financial institutions.
Precise
With a two-decimal-point accuracy and a 60-second frequency, the API can offer real-time commodities data. Commodities-API is built on a strong back-end architecture that ensures high availability and response times of less than 50 milliseconds for defined API calls.
Safe
The website uses bank-grade 256-bit SSL encryption to protect your connection.
Furthermore, thousands of developers, small enterprises, and large corporations use Commodities-API on a daily basis. This API is the most popular due to its robust data sources and 6+ years of experience.
Usage
Moreover, the API offers a number of endpoints, each of which has a distinct purpose. As a result, getting the most recent commodity rates data for all or a specific set of currencies, converting figures between currencies, retrieving Time-Series data for one or more currencies, and querying the API for daily fluctuation data are just a few of the endpoint functions.
Check out this endpoint for Historical Rates:
API Request:
https://commodities-api.com/api/2013-12-24 ? access_key = API_KEY & base = GBP & symbols = USD,CAD,EUR
API Response:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
Also published on Medium.