Are you looking to get the futures prices of the world commodity market? Are you specifically interested in WTI and Brent crude? Well, here you will find the answer to your question. Everything is due to this wonderful product, considered the best crude oil rates API.
Oil is one of the most valuable resources in the world, as it has become one of the main sources of energy and an essential element to produce derivative products such as plastic. However, not all oils are the same: it is estimated that there are more than 150 types depending on their quality or the use that can be given to them. As this is such a demanded and diverse resource, certain types of oil have been established as a reference price to facilitate transactions in the international market. The most important and famous types of oil in the world are Brent Crude and West Texas Intermediate (WTI).
Brent is extracted from different deposits in the North Sea. It serves as reference oil in the European markets and for more than 60% of the world’s oil. Its lightness makes it very useful for the production of gasoline and diesel, two of the oil derivatives with the highest demand, which explains its high price. On the other hand, WTI is extracted in the United States, specifically in Texas and southern Oklahoma. It serves as a reference for the US and American markets and, for example, is the main reference for the price of the Mexican oil mix. WTI is even lighter than Brent, so its refining is easier.
Obtaining the prices of these commodities using the spot market is not recommended at all. Currently, there is a lot of price volatility and therefore, the futures market is a better alternative. If you are looking to obtain prices from this market, Commodities-API will satisfactorily meet your expectations.
Why Commodities-API?
The ideal alternative for you is to use Commodities-API, the most significant commodities trading API on the market, to obtain rates from the commodity futures market. You can be certain that every piece of information is accurate because it was gathered from reliable sources. All of this is done with a frequency of up to 60 seconds and a precision of two decimal places. You should be aware that Commodities-API provides a convertibility scheme between 170 different legal tenders. You should know that this system will offer you the closest future price, depending on the contract series.
You must take the following actions in order to obtain WTI and Brent Crude Oil Futures Prices:
1. Generate the API key by going to www.commodities-API.com.
2. Sign up and pick a plan. Currently, there are 3 options offered, 2 of which require a monthly fee and 1 of which is no-cost. Of course, the paid options have superior features while the no-cost ones have some restrictions. You choose which option best suits your demands and those of your business.
3. Locate the desired commodity symbols and decide which legal tender to view pricing in.
4- Make the API call once you’ve made up your mind about them.
5. You may also make charts for easier analysis and comparison with other goods.
Doubts? Questions? To contact a Commodities-API advisor, use the virtual chat.
Also published on Medium.