Wondering how to get crude oil rates on a easily way? Read this post and find out about different types of platforms that will give you WTI and Brent Oil rates with this WTI crude oil rates API!
The term “WTI” refers to the oil standard known as West Texas Intermediate, sometimes known as Texas Light Sweet. Along with Brent crude and Dubai/Oman, it is one of the three main oil benchmarks used in dealing. Oil is exchanged in standards since the quantity and ultimate usage of oil currently mined greatly rely on the field it comes from. These make it possible for oil dealers to instantly know the sort of oil being traded (and ultimately delivered).
WTI is a mild and smooth type of oil. As a result, it is easy to purify and has a low density and volatile matter. It is traded on the New York Mercantile Exchange and is the second-most traded oil benchmark, after Brent crude. While diverse world events may change the value of each commodity, the price of WTI typically moves in tandem with the price of Brent oil.
This indicates that there are various oil prices, thus you must choose which benchmark if you want to know the “cost of crude.” The price of West Texas Intermediate (WTI) is typically a little less than that of Brent. Additionally, it is thought to be a little “lighter” and “sweeter” than Brent.
This is because WTI is “sweet” and “light” due to its 0.24% sulfur contents and low density. West Texas Intermediate is the preferred unit of measurement and price in the US. Oil fields in the United States, particularly in Texas, Louisiana, and North Dakota, are the source of West Texas Intermediate. The petroleum futures price on the NYMEX has WTI as its underlying material.
As investors, you should know that oil prices in the last year have been more volatile than ever due to the war between Russia and Ukraine, the exodus from a recession due to the pandemic, political changes around the world, among other factors. That is why you need a platform like that will give you the updated data every day of the commodity you want, to avoid worrying about the issue. Check these three options we bring you:
Commodities-API
Commodities-API The crude prices for products like wheat, rice, coffee, and sugar are displayed using this publicly funded API. To access the data, go to the site, obtain an API key, and then select the appropriate currency and commodity. You may use the API whatever you like; that is all there is to it. From a selection of more than 170 possibilities, the Commodities-API can provide data in any currencies you require, with an accuracy of two decimals. Each month, you are allowed to make up to 100.000 API requests and receive data updates every 60 seconds.
Barchart
Among the earliest companies to supply commodity and futures market data was Barchart, a global financial software company that provides market data and services to the financial, media, and commodities industries. While its media brands offer online content, news, and periodicals to banking and commodities professionals to aid in decision-making, Barchart’s distinct data, software, and technology solutions power the operations of its varied customer base from front to back office.
CommoPrices
Over 10,000 commodities and indices’ prices and values are accessible using this API. In accordance with the source, the data may be updated daily, weekly, or monthly. A industry’s dynamism is dependent on the amount of data present. By searching for a commodities on www.api.commoprices.com, you may find out more information about it.