Are you looking to invest in oil? Did you know that there are different types? Find out how to get started with this post!
Crude oil is a blend of hydrocarbons that occurs in liquid form in natural subterranean reservoirs and stays liquid at atmospheric pressure after passing through surface separation facilities.
Crude oil is primarily utilized as a source of energy and is flammable, but it is also used as a chemical raw material. It is at the heart of contemporary life and may be found in almost every object we encounter, from cellphones to automotive parts to wind turbines.
Crude oil comes in a variety of forms. Brent oil and WTI oil are the most widely traded. The following are the differences between these two sorts of derivatives like sites of extraction, geopolitical, implications on the composition, forms of the trade market and prices.
Brent crude is a combination of oil recovered from the North Sea’s bottom (a mix of Brent, Forties, Oseberg, and Ekofisk). Normally, it is processed into diesel fuel and gasoline. Brent is a trading benchmark for oil in markets throughout the world, including the Middle East, Europe, and Africa.
WTI crude, sometimes known as US GI crude, is a mixture of different oils produced and processed in the United States that is often used to make refined gasoline. WTI is primarily a benchmark for the US oil market in the trading industry.
In order to start investing in the stock market with these types of oil derivatives such as WTI and Brent crude oil rates, many internet platforms are used where monetary exchanges are made in different currencies. In particular, we recommend Commodities-API wich is, in summary, a commodities prices api.
Commodities-API
It’s a free online API service that provides real-time commodity information, such as coffee, crude oil, rice, and maize. In fact, if you want to check how previous months or years’ statistics were, it has that information as well, so you can choose the best way to finance your money and move in the market.
User Registration
The platform Commodities-API enrollment has the advantage of being incredibly user-friendly. To do so, take the following steps:
• Go to the website and create an account.
• Decide on a selling currency and a product.
• On the dashboard, create an API-request, and the program will answer with an API-response, and you’re good to start!
Platform Security
Commodities-API collects data from banks and stock exchanges and uses it to give you with the most reliable and secure data available. Apart from that, this API uses bank-grade 256-bit SSL encryption to ensure the security of your connection.
The same API endpoints are used to convert currency and commodity prices, allowing you to convert any amount from one currency to another, any commodity to any commodity, and any currency to any currency. For all commodities and currency rates, the API delivers midpoint data. Midpoint rates are calculated using the average median rate of Bid and Ask during a certain time period.
Data Accuracy
With an accuracy of 2 decimal points and over 170 different options, the Commodities-API allows you to access data in whatever currency you choose. You may also get data updates every 60 seconds and make 100.000 API queries every month.