Are you looking for the best alternatives to Open Exchange Rates API for crude oil spot prices? If so, keep reading!
Products that can be traded for other items of the same kind are known as commodities because they are not modified during the marketing process. These include:
- Energy (crude oil, petroleum derivatives, natural gas, etc.),
- Metals (aluminum, iron, copper, etc.),
- And agricultural products (corn, soybeans, wheat, coffee, sugar, cotton, etc.)
For example, we can make a variety of products from crude oil, including lubricants, asphalt, ethane, propane, and butane; as well as many more that are useful for their energy or chemical content. This is the reason why there is always a need for this kind of commodity, and its price is always going up.
One way to be up to date with crude oil and other commodities’ spot prices is to use a commodities exchange. However, not all commodity exchanges carry all commodities; some focus on metals, while others are more focused on agriculture, grains, or fuels. That is why, the best way to obtain spot prices is by using an API for commodities prices
Which Are The Best Alternatives To Open Exchange Rates API Today?
Since not all of the APIs that are widely used today are secure or trustworthy; it is crucial you pay attention when choosing the API you’ll use. This is due to the possibility that they come from shady API suppliers! Not to add that, like Open Exchange Rates API, the most of them are quite expensive and not so simple to use; since they may be designed for experts.
With all this in mind, we would like to help you in your decision by providing information on three of the best APIs for commodities prices that are now available on the market. All these three are easy-to-use, secure, and affordable!
The prices of various commodities, including as wheat, rice, coffee, and sugar, are displayed via Commodities-API, a well-known and reliable API. It compiles price information from more than 15 dependable data sources, including banks and financial institutions, and makes it available to you right away.
Commodities-API also offers data to two decimal places in more than 170 different currencies. Depending on the plan you choose; you may make up to 100.000 API queries each month, and you will receive data updates every 60 seconds!
Another well-known website to find financial, economic, and alternative datasets is Nasdaq Data Link. A Commodity Price API is one of the many financial data APIs that are available. With the help of this API, you will have access to about 100 different commodities, including the prices of gold, silver, and oil.
Additionally, this user-friendly API gives you access to historical commodity prices as well as daily spot prices. With its array of software tools, including R and Python; Nasdaq Data Link’s API for commodities prices is without a doubt one of the easiest ways to search for and download commodity prices.
CommonPrices is a different service that makes it simple to access the values of more than 10,000 different commodities and indexes. Depending on the plan you choose, it effectively compiles data from a variety of trustworthy sources and updates it daily, weekly, or monthly.
Furthermore, this API comes in JSON data format for maximum usability and compatibility with your projects. It is also a pretty secure tool because CommonPrices uses HTTPS to encrypt connections between your browser and their servers.