Sourced from United States fields, this crude oil, such as Brent Crude, is ideal for refining.
WTI stands for West Texas Intermediate, and this oil is, for now, a little cheaper than BC.
In spite of the little differences, these two classifications are the most common ones worldwide.
Oil as a Commodity
Because oil is the source of so much of the energy we use, it is an economically and strategically important resource for many countries. Large stocks of crude oil are held by countries like the United States for future purposes.
Changes in oil stock levels are reflections of patterns in production and consumption, and the measure of these reserves serves as a signal for investors.
Investing
Investors in the petroleum business search for specific economic indicators to assist them to predict future trends. Oil firms are affected by inventory levels, production, worldwide demand, and economic data just like any other commodity market.
WTI vs. Brent
Since the United States began to emerge as a major oil player, WTI Crude trades at a discount to Brent Crude due to increased transportation expenses.
This discount, however, is likely to change. For example, the gap between WTI Crude and Brent has decreased since the start of 2021, which explains why WTI Crude is outperforming Brent in 2021.
Think Your Next Move
As a crude oil investor (or any other commodity, though) it’s highly recommended to keep an eye on pricing and stock. That is, you need to analyze fresh and historical data in order to predict moves and forecast rates.
Indeed, there’s an API at Commodities-API.com that will do the research work for you.
What exactly is it?
This web API provides precise rate data for a wide range of commodities in a variety of currencies.
Commodities-API originated as a basic, minimalist Open-Source API for financial institutions’ recent and historical commodity prices.
Precise
With an accuracy of two decimal points and a frequency of up to every 60 seconds, the API can provide real-time commodity data. Commodities-API is designed on a solid back-end architecture that ensures high availability and response speeds for certain API calls of less than 50 milliseconds. Only a few of the functions include delivering commodity exchange rates, converting single currencies, and returning Time-Series and Fluctuation data.
Secure
To protect your connection, the Commodities-API uses bank-grade 256-bit SSL encryption.
Commodities-API is used by thousands of developers, small businesses, and huge corporations on a daily basis. As a consequence of its dependable data sources and 6+ years of expertise, this API is the most popular site for commodity rates.
Also published on Medium.