In the petroleum industry, there are constant fluctuations in pricing and stock levels.
So, if you are a player of this energy-sourcing material, you need to be updated before you make a move.
Players
Oil is a strategic and economic asset for many countries since it provides almost all of the energy we consume. Large crude oil reserves are held by countries such as the United Arab Emirates and the United States for future usage.
Furthermore, petroleum investors are on the lookout for critical economic data that will aid them in forecasting future developments. Inventory levels, worldwide demand, and economic indicators all have an impact on oil firms.
Keep up-to-date
Traders are also keeping a watch on two key global contracts as a result of the oil market: the New York Mercantile Exchange’s West Texas Intermediate (WTI) and the Intercontinental Exchange’s Brent crude.
Furthermore, if you’re thinking about investing in crude oil or any other commodity, you’ll need to be aware of current exchange values in a range of currencies. An API is, in fact, the most exact method of collecting this information.
Commodities-API
This website gathers data prices in a wide range of currencies from a variety of sources and organizations throughout the world. Commercial sources are usually used because they better reflect market exchange rates, especially for large currencies and commodities.
Commodities-API originated as a modest, minimalist Open-Source API for financial institutions’ recent and historical commodity prices.
Precision
The API can supply real-time commodities data with a two-decimal-point accuracy and a 60-second frequency. Commodities-API is designed on a solid back-end architecture that ensures high availability and response times for defined API calls of less than 50 milliseconds.
Encrypted
To protect your connection, the website employs bank-grade 256-bit SSL encryption.
Commodities-API is used by thousands of developers, small businesses, and huge corporations on a daily basis. Because of its extensive data sources and 6+ years of experience, this API is the most popular.
Endpoints
The API has various endpoints, each of which serves a specific purpose. Just a few of the endpoint features include getting the most recent commodity rates data for all or a specific set of currencies, translating figures between currencies, retrieving Time-Series data for one or more currencies, and querying the API for daily fluctuation data.
API Request:
https://commodities-api.com/api/2013-12-24 ? access_key = API_KEY & base = GBP & symbols = USD,CAD,EUR
API Response:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
Also published on Medium.