Are you looking for an open API for tracking the live price of crude oil? If the answer is yes, you are in luck! Here are three open APIs for you!
Even though interest in renewable energy sources is rising, crude oil remains a key source of energy; and one of the most commonly traded commodities globally. Thus, understanding its futures market prices is advisable for traders and investors interested in this kind of commodity.
To get ahead of the changes in the market, many economists employ strategies. Since the production of crude oil involves a number of factors; such as environmental issues, pollution, and in addition, the regular economic movements of the stock market; is neccessary to have access to reliable and live data. This is why many investors and traders choose to employ an API for commodities prices to study and pay attention to the ongoing variations.
Top Three Open APIs For Tracking Commodities Prices
Using an API for commodities prices is the quickest and most straightforward approach to immediately find live prices from trustworthy sources. This application gathers information on commodities from reliable sources and quickly transfers it to your software.
However, not all of the APIs that are readily available today are safe or reliable. This is because they can originate from dubious API vendors! We’ve compiled details on three of the top commodity market data APIs currently on the market to assist you in making a trustworthy API choice!
1. Commodities-API
Commodities-API, a well-known and dependable open API, is used to display the pricing of numerous commodities, such as wheat, rice, coffee, and sugar. It gathers price data from over 15 trustworthy data sources, including banks and financial institutions, and makes it immediately available to you.
Additionally, Commodities-API provides data in more than 170 different currencies with two decimal places. You can perform up to 100.000 API requests every month, and you’ll get data updates every 60 seconds, depending on the subscription you choose.
2. CommonPrices
Accessing the values of more than 10,000 distinct commodities and indexes is made simple by a different service called CommonPrices. It efficiently gathers information from a variety of reliable sources and refreshes it daily, weekly, or monthly depending on the plan you select.
For optimum usability and interoperability with your projects, this API also comes in JSON data format. Because CommonPrices employs HTTPS to encrypt communications between your browser and their servers, it is also a rather secure application.
3. API for Commodity Data From Barchart
Barchart is a commodity service that has been highly well-liked for a long. One of the earliest websites to provide information on commodities and futures markets is its own. Currently, this service is being provided by a multinational provider of banking software, which also offers market information and services to the commodities, financial media, and other industries.
From front to backend, Barchart’s numerous clients are powered by its own data, software, and technological innovations. In order to help market and financial professionals make judgments, its entertainment businesses also offer news articles, journals, and internet information.
So, Which API Should You Choose?
Now that you have all the information you need, the decision is completely up to you! Examine each API’s capabilities and prices and choose the one that best fits your needs. Keep in mind that all the APIs above are open and allows you to track the live price of crude oil without problems. So, what are you waiting for? Get started with an API for commodities prices today!
Related post: What Are Primary Commodities And How An API Can Provide Their Rates