Knowing that the oil industry is so big and changes constantly, having updated prices of that commodity at the touch of a button is critical. Here, we explain you how to get free crude oil brent prices API.
Crude oil is a petroleum product composed of hydrocarbon deposits and other organic compounds. It is a kind of fossil fuel that is refined into gasoline, diesel, and a range of other petrochemicals. It is also a finite commodity, which means that it is non-renewable.
The world’s leading producers of oil are the United States, Russia, and Saudi Arabia. The US Energy Information Administration (EIA) projects global oil demand in 2021 to be 98 million barrels per day. 1 When the price of oil rises, demand in the United States falls, but demand from developing market nations is projected to climb as these economies industrialize.
It should not be mistaken with WTI crude oil. It is believed that roughly 60% of the world’s petroleum is priced in terms of brent crude, with only US and Canadian oil priced in WTI crude. Brent is more popular as an oil benchmark since it is a more accurate representation of oil prices.
So, if you want to invest in brent crude oil, it’s important to understand that its price is in constant movement. Because of that, using an API is probably the most useful way to stay updated on this industry.
Why Use An API?
An API is an interface that allows two computers or applications to communicate because of a connection between them. When you send a request to an API, you’ll receive an answer that was collected from another place. This can be really useful when you constantly want to know the price of something.
To understand better, we will explain it with Commodities-API, a free software that allows you to make API calls that give you commodities pricing information in return. It allows you to check on a wide range of commodities, such as oil, coffee, rice, sugar, and wheat, among others.
How To Get The API
You need to go to www.commodities-API.com, sign in to get an API key, and then select the brent crude oil symbol with the currency you wish to obtain the information in. The software will then give you the desired data, and you are free to alter the API in any manner you see suitable. You can insert it in any program or application that allows APIs and then you can stay updated on brent crude oil prices anytime.
Commodities-API supports over 170 currencies and offers data with an accuracy of 2 decimal points. For all commodities and currency rates, the API offers midpoint data. The midpoint rate is calculated by averaging the median bid and ask rates for a certain time period. Commodities-API uses the same API endpoints to convert currency and commodity prices and may be used to convert any amount from one currency to another, any commodity to any commodity, and any currency to any currency.
If Commodities-API does not meet your requirements, you might turn to Barchart, a worldwide financial technology company that delivers market data and services to the financial, media, and commodities industries.
To obtain the information, go to https://www.barchart.com/.
Also published on Medium.