Oil price's plunge might seem like forever especially for those living in Malaysia. It's as bad as it could go but if there's any positive that is required, one just had to look at Warren Buffet.
When most people turn away from oil, Warren Buffett goes in.
|The stock pick king is going in on oil. Has it bottom?|
Warren Buffett is expanding his bet on the oil industry, slowly adding to his already large stake in oil refiner Phillips 66 even as crude oil prices have sunk to a 12-year low.
From Jan. 4 to Jan. 11, Berkshire Hathaway Inc, which Buffett has run since 1965, paid about US$390 million for an additional 5.1 million shares of Phillips 66, according to filings with the U.S. Securities and Exchange Commission.
The purchases boosted Berkshire's investment in Phillips 66 to 65.68 million shares, or about 12.3 percent of those outstanding, worth $5.21 billion as of Thursday's market close.
Phillips 66 shares closed up $4.03, or 5.4 percent, at $79.28 on the New York Stock Exchange.
As there can be a lag of several days between purchases and SEC filings, we may find out soon that Berkshire continued to buy at the lower levels.