Pyth Network Launches Real-Time Oil Market Data Feeds for West Texas Intermediate (WTI) and Brent Crude Oil

By integrating Pyth's data feeds, developers can create advanced decentralized finance (DeFi) applications linked to energy markets.

Oracle provider Pyth Network announced the launch of real-time oil market data feeds for West Texas Intermediate (WTI) and Brent Crude Oil, expanding its decentralized data services.

The new price feed will aggregate real-time data from trusted financial sources, including multiple exchanges and market makers, and will be accessible on over 80 blockchain ecosystems.

By integrating Pyth’s data feeds, developers can now create advanced decentralized finance (DeFi) applications that are linked to energy markets.

This development opens up the possibility for oil-based derivatives, perpetual futures and other financial instruments to be available on-chain and bridge traditional financial (TradFi) markets with decentralized solutions.

The new service offering will provide aggregated pricing data for front-month, second-month, and third-month futures contracts of WTI and Brent Crude Oil. In addition, non-expiring contracts for difference (CFD) prices will also be available.

Pyth sources oil price data from multiple reputable financial institutions, including exchanges, market makers, and index providers. This approach reduces the need for single-source data feeds, ultimately improving reliability for DeFi protocols and creating an attractive space for retail and institutional investors seeking energy market exposure.

The availability of on-chain oil market data could pave the way for DeFi applications that extend beyond cryptocurrencies. For instance, developers may now be able to build hedging tools, trading platforms, decentralized financial instruments and more.

The Telegram-based perpetual futures trading platform Storm Trade will be the first DeFi application to integrate Pyth’s oil price feeds. Storm Trade allows users to trade commodities, crypto and forex with leverage.

Pyth Network has emerged as the leading option for perpetual futures trading on multiple blockchain networks, including Solana, Avalanche and Sui, among others.

The network controlled 100% of perpetual trading activity on these chains in July, which is largely attributed to Pyth’s permissionless model and extensive market coverage, according to Pyth Data Association director Marc Tillement.

Tillement told Cointelegraph that, because the Oracle provider has “over 500 price feeds” available everywhere, it’s possible to launch on a new chain on day one and have permissionless access to “over 100 crypto markets.”