Did you know that you can quickly access oil prices on the stock market? Would you be interested to know how? Read this post about how to use an API to make monetary exchanges!
The price of oil has a significant impact on the global economy’s performance. We’ll explain why it’s so vital in this essay. Oil is, without a question, the most essential natural resource in our highly industrialized society. As a result, it’s known as “Black Gold.” Indeed, oil is a non-renewable natural resource that can be processed into a wide range of products and has several applications, particularly in industry and transportation.
Oil’s applications may be divided into the following categories:
1.Oil is a fossil fuel used in transportation, manufacturing, and agriculture. Similarly, it is a generator of electric power for industrial and home usage.
2. Production of petrochemicals: petroleum is used to make pesticides, detergents, plastics, paints, different containers, and textile fibers, among other things.
3. Specialized products: petroleum products for industrial usage, car lubricants and oils, asphalt, and paraffin are all examples of specialized products.
Oil is a powerful energy source, and the global economy revolves on it. Oil is without a doubt the most frequently used hydrocarbon energy source in the world economy.
As a result, the price of oil has a significant impact on the economic performance of all countries throughout the world. As a result, it has an impact on both oil-importing and oil-exporting countries. Oil produces over a third of the total energy utilized by humanity and creates roughly 2.5 percent of global GDP, depending on economic conditions.
However, owing to the war between Russia and Ukraine, this number has changed in recent months, since Russia is one of the world’s top gasoline importers and has been subjected to severe economic sanctions. Therefore, their prices are highly volatile on a day-to-day basis. Therefore, to keep you updated, we recommend Commodities-API.
It’s a free online API service that provides real-time commodity information, such as coffee, rice, and maize. Commodities-API, on the other hand, offers an exchange in any currency, with two decimal places of precision and a list of 170 market goods. In fact, if you want to check how previous months or years’ statistics were, it has that information as well, so you can choose the best way to finance your money and move in the market.
How To Use The Platform?
Commodities-API is unusual in that it is not difficult to use. You have to follow a set of instructions for using it.
- You must first register on the website and establish an account.
- Then look for your preferred money and commodity
- Create an API request using the settings from the dashboard.
- Wait for the site to respond with an API response.
What Distinguishes It From Other Portals?
Their API collects commodity price data every minute from over 15 reliable data sources. Among the sources are banks and financial data businesses. They also use bank-grade 256-bit SSL encryption to protect your connection. Thousands of developers, small enterprises, and large organizations utilize Commodities-API on a regular basis. This API is the most popular site for commodity rates because of its reliable data sources and more than six years of experience.
Another thing to keep in mind is that they genuinely care about their customers, with a Customer Support Team available from 10 a.m. to 7 p.m. every day (EST time). Send them an email or fill out the contact form, and a member of their staff will respond as soon as possible. Urgent questions are usually answered in a matter of minutes.