Do you want to obtain oil rates in Canadian Dollars? Use an API!
Crude oil is and has always been one of the most important commodities in the world. This is because it is a limited resource that cannot be replenished naturally, making it expensive and in high demand. It is used to manufacture gasoline, diesel, and other petrochemicals since it is a fossil fuel.
In 2020, Europe will generate more than 20 million metric tons of crude oil, with Russia supplying the most. Many European oil-producing countries are nearing or have reached their peak output, while others, such as the United Kingdom, have already done so. After reaching its peak oil output in 1999, the United Kingdom, a once-significant oil-exporting country, is now forced to rely on oil imports to meet its domestic oil consumption.
Petroleum production in Canada is a significant sector that contributes significantly to the North American economy. Canada has the world’s third biggest oil reserves and is the world’s fourth largest oil producer and exporter. In 2019, it produced 750,000 cubic metres per day (4.7 million barrels per day) of crude oil and equivalent.
The remainder comprised light crude oil, heavy crude oil, and natural-gas condensate, with 64 percent being upgraded and non-upgraded bitumen from oil sands. In 2019, roughly 600,000 cubic metres per day (3.8 Mbbl/d) of Canadian petroleum output was exported, with 98 percent of the exports going to the United States. Canada is by far the most important single supplier of oil imports to the United States, accounting for 43% of US crude oil imports in 2015.
As a result, maintaining current on crude oil pricing in Canadian Dollars may be critical for making sound investing selections. If you do not monitor the commodity and observe how it performs in the market, you may end up with poor outcomes and lose money.
This may be done by using an API, which is a user interface that receives data from a location and returns it to the person who performed the API request. This is common on many websites and is quite useful when you need up-to-date information immediately.
You will obtain data in a couple of seconds after beginning an API request (or, more correctly, making an API call). Depending on the API, this answer is sent in a variety of computer languages, including JSON, PHP, and Python.
How To Obtain This
If you’re looking for crude oil rates in Canadian Dollares, we recommend Commodities-API, a free online API that provides real-time data on commodities including coffee, rice, sugar, and wheat.
To take use of it, you must perform the following:
- Go to www.commodities-API.com to get your own API key.
- Locate the symbols you want to submit to the test (WTIOIL or BRENTOIL and CAD)
- Using these symbols, locate the commodity and money in the list. After you’ve settled on them, make the API call.
- Look for the most recent pricing. The website will give you an API in a number of computer languages, which you may change and use anyway you see fit.
This will be the result:
{
"success": true,
"timestamp": 1519296206,
"base": "WTIOIL",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
}
Why Commodities-API?
Commodities-API can deliver real-time commodity data with a 2 decimal point precision and a frequency of 60 seconds. Exchange rates for practically every commodity are provided, as well as Precious Metals, currency conversion, Time-Series data, and volatility information.
Prices for rice, wheat, coffee, corn, sugar, Brent crude oil, West Texas Intermediate crude oil, soybeans, gold, silver, and other commodities are all rising. This API provides accurate commodities and exchange rate data for more than 170 currencies, including Bitcoin and other major cryptocurrencies.
Also published on Medium.