Do you want to know which API can give you crude oil prices in just minutes? If the answer is yes, then keep reading to find out which one it is!
As a commodity, the price of oil tends to fluctuate more than that of less volatile investments. This is because numerous factors influence its price. For example, natural disasters can halt production, while political unrest in oil-producing countries has an impact on prices. Likewise, storage space and production costs can influence prices. And, although less dramatically, changes in interest rates can also affect commodity prices.
Like any other commodity, the price of oil varies according to the laws of supply and demand. When supply exceeds demand, prices fall; and the opposite happens when demand exceeds supply. Although supply and demand influence the price of oil, oil futures are the price setters. It is therefore necessary to keep abreast of what is happening in the commodity market in order to be ahead of the curve when making financial decisions.
Fortunately, APIs can now be used to access this information quickly and efficiently. Currently many businesses, traders and, investors choose to use APIs for commodities prices in order to get ahead of the competition and stay updated with what is happening. Let’s see how these tools work:
Which API Should You Use For Commodities Prices In 2023?
With the aid of a commodities prices API, your software may easily access current commodity price data that has been compiled from several trustworthy financial sources. This makes using an API the best approach to obtain a specific piece of data; but you must know which web service has the greatest API. This is due to the fact that not all Internet-based APIs are reliable. For this reason, we advise using Commodities-API, a trustworthy API with more than six years of market experience, as a result.
Scalable volumes, millisecond response speeds, and assured availability are all features of the Commodities-API platform. Furthermore, the API offers endpoints for time series data; single currency conversion, and live data in addition to live data. This way you can be sure that you’ll obtain accurate data within minutes!
Obtain Crude Oil Prices In Minutes With This API
Due to how simple and completely dependable Commodities-API is, many investors and businesses already have incorporate it into their own projects and websites. Simply, try it out for yourself! Use these simple procedures to quickly access commodities prices and gather information about them in just minutes:
- Sign up at Commodities-API. Also, you can choose the plan you wish to use, it’s easy, and no-cost. Starter, Basic, and Professional are the three plans that are currently offered for this API. After weighing their differences, pick the one that best suits your demands. For instance, if you select the first plan, you won’t pay a dime to get hourly commodities updates!
- Then, you will obtain a special API key after registering, which you can use each time you make an API call. Your API key must be verified before moving on.
- Next, choose the currency in which you want to see your prices, and after that, decide which commodity symbol you need (in this situation you can use Crude Oil). Remember that there are 170 different currencies available!
- Call the API and wait a few seconds for the response!
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Also published on Medium.