Oil is any nonpolar chemical substance that is a viscous liquid at normal temperature. Because of their high carbon and hydrogen content, oils are flammable and surface-active. Oils might be of animal, vegetable, or petrochemical origin, as well as volatile or non-volatile. They are used in the manufacturing of paints, plastics, and other products, as well as for food, fuel, medicine, and lubrication.
In 2020, global oil output was 88,391 million barrels per day. The United States produced the most that year, at almost 11 million barrels per day. Russia came in second, with almost 10 million, while Saudi Arabia came in third, with over 9 million.
Because this is a sector that moves a lot of money and changes all the time, if you want to invest in it, you must monitor oil prices every hour. This is feasible thanks to the usage of an API, which is a link that allows two computers or programs to communicate with one another. An API responds to a request with a result, which is often in JSON format.
However, not all APIs can give you a price in an exact moment in time that is not the present one. These are called historical rates and are price records that stay on the platform for you to use. They are important because it helps you understand the business better and to forecast the direction of a currency pair.
To get this data, we recommend using a free online and good API that delivers real-time and historical rates. That’s why we suggest using Commodities-API.
How Can You Get Historical Prices With This API?
Commodities-API provides precise commodity and exchange rate data for virtually any commodity, as well as 170 worldwide currencies, including Bitcoin and other major cryptocurrencies. The list of commodities includes rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, and many others.
To get the information, you need to go to www.commodities-API.com, sign up, and receive an API key. Then you select the commodity, in this case, maize, and the currency in which you want the data. By doing so, the program will automatically provide you with information in JSON format as well as a variety of other languages. You must look for the one you want and then utilize it on the platform of your choosing. And that’s all there is to it.
Commodities API data may be given in any currency and with a two-decimal point precision. You can also get data updates every 60 seconds and run 100.000 API requests each month.
Where Does The Information Come From?
This API collects data from banks and stock exchanges and uses it to offer you with the most reliable and secure data. Aside from that, Commodities-API uses bank-grade 256-bit SSL encryption to ensure your connection’s security at all times. The API only provides midpoint data for commodities and currency rates. Midpoint rates are calculated using the average median rate of Bid and Ask at a given period.
Also published on Medium.