Oil Has ‘Definitely’ Bottomed: Vedanta Resources

As crude oil prices rally back above $30 per barrel, the chairman of India’s Vedanta Resources told CNBC that the only way for the commodity was up.

“Definitely we are at the bottom, but in India a lot more has to happen. The (new) Modi government has come and people have a lot of expectations. The sense of urgency has come,” Anil Agarwal, the group chairman of the London-listed commodities giant told CNBC on Friday from the World Economic Forum in Davos, Switzerland.

Agarwal added that low prices were “hurting everybody,” but that Vedanta was advantaged by being diversified across commodities including oil, copper, iron ore and aluminium.

CNBC

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.