In this post, you will find how to get brent crude futures prices from the ICE using an API.
Brent oil, in other terms, is a sort of oil that originates on the European continent and is used to establish international crude oil prices. The price of a barrel of Brent crude is a key indicator in financial markets. This is because crude oil is needed to make derivatives such as gasoline, lubricants, plastic, and polyethylene, among others, in addition to fuel.
Brent oil is named after the Shell firm, which discovered a reserve in the North Sea off the coast of Scotland. This deposit was found in 1971 and has been in operation since 1976. It gets its name from the Branta bernicla.
This bird breeds in the Arctic, Norway, Russia, Canada, Alaska, and Greenland, and migrates south in the winter. The Brent field is currently exhausted. However, the term Brent oil is used to apply to all North Sea exploitations.
How Is The Brent Oil Market?
Brent oil is priced per barrel. Each one is comparable to 42 gallons (159 liters). And where can I find this basic material? On the London Stock Exchange, notably in the computerized Intercontinental Exchange (ICE) sector. The price of Brent oil is then used as a reference for trading derivative contracts (options and futures) using crude oil as the underlying asset. Each agreement is for 1,000 barrels.
One of the features of Brent oil is its density, which falls under the category of light or light oil. Furthermore, with a sulfur level of 0.39 percent, it is described as “sweet.” Because, as previously said, Brent is a light and sweet oil, it is perfect for the manufacturing of gasoline and diesel.
Factors Influencing The Price Of Brent Oil
Some of the variables influencing the price of this raw resource include supply and demand. Second, if productive activity slows and less energy is required among the major buyers of crude oil, as it did in 2020 as a result of the coronavirus epidemic, the price of Brent lowers.
If output in the North Sea or by members of the Organization of Petroleum Exporting Countries (OPEC) grows, the price decreases, and vice versa. About the preceding statement, the price of crude oil can rise or fall due to decisions made by producing countries, as occurred during the 1973 Oil Crisis.
Another factor to consider is that the price of crude oil (or derivative contracts tied to it, to be more specific) is fixed in US dollars. As a result, changes in the dollar influence Brent. For this reason, you should use an API such as Commodities-API.
About Commodities-API
Commodities-API is a programming interface that will send updated information on Brent oil prices to the different media. You will be able to see their prices in real-time both in dollars and in any international currency and compare prices.
On the other hand, you will be able to compare the price of this product with many others. In addition, you can use it in the most diverse programming languages. It is one of the most accurate on the entire internet and obtains its information from reliable sources, that is why it is a COMEX/NYMEX rates API and it takes data from ICE too.