Knowing that crude oil is one of the most important commodities in the world, you need to stay updated on its spot prices almost every minute. Here, we tell you how you can do that.
Crude oil refers to a combination of hydrocarbons that occurs in the liquid phase in natural subterranean reservoirs and stays liquid after passing through surface separating facilities. Crude oil is a type of fossil fuel that is refined into useful products such as gasoline, diesel, and different petrochemicals. It is a nonrenewable resource, which means that it cannot be replenished naturally at the pace at which humans consume it, making it a finite resource.
There are four types of it:
- Class A: Light, Volatile Oils.
- Class B: Non-Sticky Oils.
- Class C: Heavy, Sticky Oils.
- Class D: Nonfluid Oils.
If you’re trying to invest in this business, you should know that knowing the updated rates of crude oil it’s key to success. This is why you should pay attention to spot prices. These are most often used to refer to the pricing of commodity futures contracts, such as those for oil, wheat, or gold. This is because shares are constantly traded at the present price. You buy or sell a stock at a set price and then cash out.
The most convenient method to get such information is through an API. This is an interface is a device that links two computers or programs and allows them to interact with one another. When you submit a request to an API, in this example, for spot pricing for x commodity, the interface will respond with the expected result.
When looking for the best API to utilize for this purpose, keep in mind that not all of them function the same way. At the present, we believe that Commodities-API, a free public API that provides commodity pricing for a wide range of commodities such as coffee, rice, sugar, and wheat, is the best option.
How To Use It
To utilize it, go to this page, sign in, and receive an API key, after which you may pick the currency and commodity of interest. The program will then provide you with the data you want, and you may modify the API any way you see fit. Commodities-API supports over 170 currencies and provides data with a 2 decimal point precision. The free package includes 100 monthly API requests and 1-hour updates. If you want to boost those figures, you’ll need to join a pro plan.
The API provides midpoint data for all commodities and currency rates. The midpoint rate is determined by taking the average median rate of Bid and Ask for a certain time period. The same API endpoints are used in Commodities-API to convert currency and commodity prices, and they may be used to convert any amount from one currency to another, any commodity to any commodity, and any currency to any currency.
Is It Safe To Use?
This API collects data from banks and stock exchanges and uses it to offer you 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.
Also published on Medium.