Knowing that the United States is the country that most oil produces, you need to understand how important it is to stay updated on these commodity rates in USD. For that, using an API is probably the best option, here we explain to you how.
Crude oil is a petroleum product made up of hydrocarbon deposits as well as other organic components. It is a kind of fossil fuel processed into gasoline, diesel, and a variety of other petrochemicals. It is also a limited commodity, which means it cannot be replenished.
The top three oil producers in the world are the United States, Russia, and Saudi Arabia. According to the US Energy Information Administration (EIA), world oil demand in 2021 will be 98 million barrels per day. 1 When the price of oil rises, demand declines in the United States, but demand from developing markets is expected to rise as these countries industrialize.
If you want to stay updated on brent oil rates in USD, we recommend using an API. An API is a connection-based interface that allows two computers or programs to interact with one another. When you make a request to an API, you will receive a response that was gathered from somewhere else.
How Can I Get An API?
To get this, you’ll need to access to a software that allows you to make API calls. To explain this better, we will use Commodities-API, a free program that allows you to perform API calls that return commodity pricing information. It allows you to check on a variety of commodities, including oil, coffee, rice, sugar, and wheat.
To get the API you need to:
1. Enter www.commodities-API.com and sign in to get your own API key. Don’t share this with anyone.
2. Search for the symbols of brent oil and United States dollars. These are BRENTOIL and USD.
3. Use these symbols to find the commodity and currency in the list. Once you choose them, make the API call.
4. The website will return you an API in various programming languages that you can adapt and use however you like.
And that’s it! Is a simple as that.
The result will look something like this:
{
"success": true,
"timestamp": 1519296206,
"base": "BRENTOIL",
"date": "2018-09-10",
"rates": {
"USD": 1.23396,
[...]
}
}
Commodities-API benefits
This program provides precise commodity and exchange rate data for virtually any commodity as well as 170 worldwide currencies, including Bitcoin and other major cryptocurrencies. Rice, wheat, coffee, corn, sugar, Brent crude oil, West Texas Intermediate crude oil, soybeans, and other commodities are all covered.
Commodities-API collects data from banks and stock exchanges and uses it to offer you the most current and secure information. Furthermore, it uses bank-grade 256-bit SSL encryption to ensure the security of your connection at all times. The API only provides midpoint data for commodities and currency rates. The average median rate of Bid and Ask at a given period is used to calculate midpoint.
Also published on Medium.