Do you know how to use an crude oil prices API? Read this article and let us show how to get accurate information with it!
An essential source of energy for the globalized trade is crude oil. Crude oil is one of the most actively traded commodities, and its price is highly susceptible to geopolitical and meteorological factors. One of the most widely exchanged commodities in the world and a significant contributor to the world’s fuel production is crude oil.
The two crude oil grades that are exchanged the most globally are Brent North Sea crude and West Texas Intermediate crude. Important industries of the world’s oil production use both Brent and WTI crude as price standards. Weather, geopolitical developments, supply and demand dynamics, and other factors are only a few of the many variables that influence crude oil prices.
Combined with Brent and Dubai Crude, West Texas Intermediate crude oil is a particular grade of crude oil and one of the three major standards for oil pricing. WTI is referred to as a light sweet oil due to its low population, which makes it “lighter,” and between 0.24% and 0.34% sulfur content, which makes it “sweet.”
One of the primary worldwide oil benchmarks is the light, sweet crude oil known as West Texas Intermediate. One of the highest grade oils in the world that is simple to process, it is mainly obtained from inland Texas. The petroleum futures price on the NYMEX has WTI as its underlying material.
Oil contracts for West Texas Light Sweet Crude are delivered in Cushing, Oklahoma. The term “spot price,” which is an alternative method of saying the market price for a commodity, refers to the cost at which a gasoline barrels that is delivered to Cushing can be purchased or sold.
So that´s why you have to be informed and, more important, be updated with the information of the market. We know that crude oil rates are a really fluctuant commodity right now with the Russian-Ukrainian War and the consequences this type of conflict has on the economy. Because of that, we bring you Commodities-API.
About Commodities API
Commodities-API it’s a service where you may purchase products like oils, coffee, cereal, and other monetized data. Their customers can buy them through an API, which is set up after contacting financial institutions to work together in less than a minute.
An Easy Platform To Use
The benefit of Commodities-API is how simple it is to implement. To do this, follow these instructions:
- Log in to the website and register.
- Create an API Key on the platform
- Choose the item and currency, in this case WTI Crude Oil.
- The software will provide an API answer in reply to an API request you make in the dashboards.
The whole thing is prepared!
Safe And Accurate Data Market
Data is obtained from the World Bank or financial organizations through the commodities API. Bank-grade 256-bit SSL encryption, a data/file encryption method that uses a 256-bit key to encrypt and decrypt data or files, is used to encode and decode the interaction to the Commodities-API API. Additionally, this API has a fantastic online user experience. With a precision of two decimal places and a frequency of 60 seconds, it can give common data in real time. Built on a great back design, Commodities-API guarantees high availability and response times of under 50 seconds for specified API calls.