Are you aware of the many benefits that an API for commodity data can give you? They are so many! If you are in need of getting crude oil spot rates, you may need to read this entire post in order to see how easy it is by using an API!
The global economy and energy are intimately related. The most desired energy source on a global scale is still fossil fuels. Studies in the field of financial markets have focused on how oil prices are determined, like many other commodities. Crude oil prices respond to a range of variables, including the fundamentals of the oil market, the state of the economy, and geopolitical concerns.
Oil has a very low price elasticity, which causes very large variations and volatility in the price. The volatility of the short-term price of crude oil is considered to be influenced by frequently issued economic news and announcements. Researchers have attempted to look at how news announcements affect the price of various commodities in the financial markets.
Studies on market volatility have, for the most part, concentrated on economic news. According to data from the US Energy Information Administration, the crude oil inventory is one of the largest in the world. Changes in the inventory are a key factor in the global oil market because they show how supply and demand are balanced in the US market, which is the world’s largest consumer of oil.
The many benefits of using APIs for crude oil spot rates
1. Improved Efficiency: APIs allow for the automation of crude oil spot rate data collection and retrieval, eliminating the need for manual data entry.
2. Increased Accuracy: By eliminating manual input, APIs help ensure accuracy and consistency of spot rate data.
3. Cost Savings: APIs can reduce the cost of data retrieval, as they require fewer personnel and resources to operate and maintain.
4. Access to Historical Data: APIs can provide access to historical data, allowing users to track trends and identify patterns in the market.
5. Increased Transparency: APIs can help provide visibility into the current market, enabling users to make informed decisions.
Commodities-API
On the website Commodities-API, you may obtain market data on products like coffee, cereals and oil. Customers can buy them through its API, which can be set up after contacting participating banks in less than a minute. For ease of usage, the site contains API documentation with an easy explanation on how to use it.
SSL encryption is used by Commodities-API to secure web-to-web communications. Financial institutions utilize this kind of security. After then, the World Bank or financial institutions are accessed using the API to retrieve data. Bank-grade 256-bit SSL encryption, a data/file encryption technique that encrypts and decrypts data or documents using a 256-bit key, is used to secure the Commodities-API connection.
Commodities-API is used by thousands of developers, SMBs, and large corporations. This API is the greatest source for commodity rates due to its trustworthy data sources and experience of more than six years. It was designed especially for developers who wanted thorough API documentation, logical code examples, and an intuitive API structure that would allow them to implement the API in just minutes.