Do you wish to obtain Brent crude oil rates per barrel? Then use an API!
Crude oil is a petroleum product composed of hydrocarbon deposits and other organic components. It is a fossil fuel that is refined into gasoline, diesel, and a range of other petrochemicals. It is also a finite resource that cannot be replaced.
The top three global oil producers are the United States, Russia, and Saudi Arabia. The US Energy Information Administration (EIA) predicts that global oil demand will be 98 million barrels per day in 2021. When the price of oil rises, demand in the United States falls; but, demand from developing markets is predicted to climb as these countries industrialize.
Please notice that Brent crude oil should not be confused with WTI crude oil. Only US and Canadian oil is priced in WTI crude, and it is estimated that around 60% of the world’s petroleum is valued in terms of Brent Crude. Brent is more popular as an oil benchmark since it more accurately represents oil prices.
So, if you’re investing in Brent crude oil, then staying updated on prices per barrel it’s key. Because oil prices are frequently reported in terms of dollars per barrel, the barrels-per-day (B/D) metric is widely used in the oil spot markets. One barrel of oil holds around 42 US gallons or 35 imperial gallons and weighs about 0.134 tons.
We recommend utilizing an API to stay up to current on Brent oil pricing. An API is a network-based interface that allows two computers or applications to communicate with one another. When you send a request to an API, you will receive a response from someplace else.
How To Use An API
To make use of this, you’ll need to find software that permits you to access the API once each hour. There are plenty of them available online, but you should be careful which one you choose because not all of them work in the same way or produce the same results.
We strongly recommend that you use Commodities-API, one of the most beneficial commodity rate tools available, to save time and money. Every minute, this API retrieves pricing data from over 15 reliable data sources, including banks and financial data.
To obtain the API with hourly pricing, you must first complete the following steps:
- Sign up for your personal API key at www.commodities-API.com.
- Look for the Brent crude oil and currency symbols of your choosing.
- Locate the product and money in the list using these symbols. Make the API call after you’ve decided on them.
- Look for the most up-to-date rates. The website will provide an API in a number of computer languages that you are free to alter and use in any way you see suitable.
The final request will be as follows:
{
"success": true,
"timestamp": 1519296206,
"base": "BRENTOIL",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
}
Additional Information About This API
Commodities-API can deliver real-time commodities data with an accuracy of 2 decimal points and a frequency of up to 60 seconds. Exchange rates for almost any commodity, Precious Metals, currency conversion, Time-Series data, and volatility statistics are all available.
Rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, gold, silver, and a variety of other commodities are all backed. This API provides exact commodity and exchange rate data for nearly any commodity, as well as 170 foreign currencies, including Bitcoin and other major cryptocurrencies.
Check Use An API To Get WTI Crude Oil Hourly Rates
Also published on Medium.