If you’re thinking about investing in crude oil, then we might have just what you need to stay updated on its rates in GBP.
There are many explanations as to what Crude oilis and what it does but I’m going to give a quick and easy answer. Crude oil forms part of the majority of fuel that we use every day. It’s used in cars, buses, boats and it powers trains so without oil, the majority of the transportation sector would be stuck either doing laps or not even moving at all.
As offshore crude oil exploration in the UK continues to grow, it is also imperative for companies to find ways to reduce costs. Many crude oil companies obtain bids from suppliers on a daily basis. This means that they need access to information and prices on a 24/7 basis. However, companies constantly struggle with this task because of how volatile the price of crude oil is.
The British pound is one of the most commonly traded currencies in the world. If you are interested in trading crude oil, this guide will introduce you to a currency conversion API that will allow you to get live and historical oil prices in GBP.
API (Application Programming Interface), is a software intermediary that allows building applications by non-developers. Using an API for getting crude oil rates in GBP isn’t very complex and you don’t need to incur ongoing costs of the software development.
So, what can you do to get Crude Oil Rates in GBP?
To access an API, you must require software that permits you to perform API calls. Commodities-API is a free public API that displays commodity pricing for a wide range of items, such as coffee, rice, sugar, and wheat. Commodities-API supports over 170 currencies and provides data with a 2 decimal point precision.
It may update once every 10 minutes or once every 60 seconds. It also gives historical information, allowing you to reflect on past occurrences and formulate future goals.
Commodities-API provides midpoint data for all commodities and currency rates. Using the average median rate of Bid and Ask for a certain time period the midpoint rate is calculated.
To convert currency and commodity prices, it uses the same API endpoints as Commodities-API, which allows you to convert any amount between currencies, any commodity between commodities, and any currency between currencies
Is this information trustworthy?
Absolutely! This application obtains data from banks and the stock market via an API, making it extremely trustworthy. The data is adaptable to JSON, PHP, and Python and is presented with two decimal places of precision. Commodities-API uses bank-grade 256-bit SSL security to safeguard your connection.
How can I use it?
So, you’ll need to do the following steps if you’re looking for crude oil Updated Rates:
1- Sign in to www.commodities-API.com to obtain your API key.
2- Look for crude oil and the monetary symbols that correspond to it.
3- Once you’ve found both of them, make the API call.
4- You will receive a JSON response from the program, which you may change and use as required.
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Also published on Medium.