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What Is The Fastest Way To Obtain Crude Oil Prices?

Do you want to receive oil rates quickly and updated? Read this article and learn about a commodities rates API that will help you monitor crude oil prices!

Crude oil is a petroleum product made up of hydrocarbon deposits and other organic elements that occurs spontaneously. Crude oil is a type of fossil fuel that is refined into useable products including gasoline, diesel, and other petrochemicals. It is a finite resource since it is a non-renewable resource that cannot be renewed naturally at the pace at which humans utilize it.

Futures and spot contracts are the two forms of oil contracts available to investors. Oil may be a speculative asset, a portfolio diversifier, or a hedge against linked holdings for individual investors. The spot contract price indicates the current market price for oil, whereas the futures contract price shows the price buyers are ready to pay for oil on a future delivery date.

What Is The Fastest Way To Obtain Crude Oil Prices?

When that day arrives, the futures price is no assurance that oil will really achieve that price in the current market. It is just the price that oil buyers anticipate at the time of the transaction. Many factors influence the real price of oil on that date.

An oil futures contract is a contract to purchase or sell a specific quantity of barrels of oil at a specific price on a specific date. When buying futures, the buyer and seller execute a contract that is backed by a margin payment that covers a percentage of the whole contract value.

Now that you know the types of investment you can make by investing in oil, you just have to choose a safe way to keep up to date with the prices of this commodity’s rates. Many internet platforms provide their users with this data, including Commodities-API.

About Commodities-API

Commodities-API is a free online service that offers you with an API, or software, that allows you to access real-time data in a range of currencies on a variety of basic commodities including maize, wheat, and gasoline. A 60-second timer and two decimal places of accuracy are included.

What Is The Fastest Way To Obtain Crude Oil Prices?

Registrations Steps

Commodities-API is a basic and straightforward tool to use; simply follow these steps:

  • You can generate your own API key if you want to.
  • Check the symbols for the commodities and currencies you’ll be working with.
  • Find the product and currency in the list by using these symbols. Make the API call after you’ve decided on them.
  • Get the most recent information on price variations. The website will provide you access to an API in a range of programming languages that you can tweak and use whatever you want.

Secure Network

Commodities-API gathers data from banks and stock exchanges and uses it to provide you with the most accurate and secure information possible. Apart from that, our commodities pricing API protects your connection with bank-grade 256-bit SSL encryption.

Currency and commodity prices are converted using the same API endpoints, allowing you to convert any amount between currencies, any commodity between commodities, and any currency between currencies. The API provides midpoint data for all commodities and currency rates. The average median rate of Bid and Ask during a certain time period is used to compute midpoint rates.

Accurate Data

The Commodities-API allows you to access data in any currency you choose, with an accuracy of 2 decimal points and over 170 distinct choices. You can also get 60-second data updates and conduct 100.000 API requests every month.

Published inTechnology
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