Finance

While prices were crashing, Warren Buffett kept increasing his bet on oil (PSX)

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warren buffettGetty ImagesWarren Buffett.

While oil was crashing, Warren Buffett was buying up oil stocks.

Daily regulatory filings dating back to January 6 show that the Berkshire Hathaway CEO has significantly upped his stake in Texas-based energy company Phillips 66.

In the same period, oil prices have plunged to a new 12-year low.

According to the filings, Buffett’s purchases have totaled about 5 million shares in the past few days, increasing his stake in the company to about $5 billion.

Phillips 66 shares were up almost 5% in afternoon trading on Thursday, and the stock is up 4% since the end of August 2015, when Buffett first disclosed a 10% stake in the company.

Buffett last bought Phillips 66 shares in September. Oil prices have plunged about 30% since then.

Read CNBC.com’s report here.

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