This year, Berkshire Hathaway purchased Occidental Petroleum stock for more than USD 11 billion.
U.S. crude stocks rose by about 2.2 million barrels for the week ended Aug. 5, according to market sources citing American Petroleum Institute figures. Analysts had forecast a small 400,000-barrel drop in crude inventories.
Occidental’s stock jumped nearly 5 percent Tuesday to trade for $62.89 after Buffett revealed his latest purchases of nearly 6.7 million Occidental shares worth more than $400 million.
Brent crude futures fell 27 cents, or 0.3%, to $96.38 a barrel at 0027 GMT, paring a 1.8% gain from the previous session.
Sri Lanka is caught in its worst financial crisis in more than 70 years as a shortage of foreign exchange has left it struggling to pay for essential imports of food, medicine and, critically, fuel.
Though crude oil is now trading in the nervous nineties, a sudden flare-up cannot be ruled out
Brent crude futures had risen 22 cents, or 0.2%, to $95.14 a barrel by 0439 GMT. U.S. West Texas Intermediate crude was at $89.18 a barrel, up 17 cents, or 0.2%.
West Texas Intermediate steadied below $89 a barrel in Asia, with the US benchmark down more than 10% this week. Official data showed US gasoline consumption has softened while crude stockpiles rose.
Benchmark Brent crude futures were up a touch at $94.23 a barrel and U.S. crude futures were also a whisker higher at $88.70 a barrel, after both closed the previous session at their lowest levels since February.
When the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided on Wednesday to raise oil output by a mere 100,000 barrels per day (bpd), it broke a taboo with a rare reference to the group's spare production capacity.
Brent crude futures were down $2.88, or 3%, at $93.90 a barrel by 1543 GMT, while West Texas Intermediate (WTI) crude futures fell $2.37, a 2.6% decline, to $88.29.
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India is expected to see a surge in demand to around 800,000 tonnes per month for the next six months, Malaysia's Plantation Industries and Commodities Minister Zuraida Kamaruddin said in a statement, citing data from the Indian Vegetable Oil Producers' Association.
The increase, equivalent to 0.1% of global demand, follows weeks of speculation that Biden's trip to the Middle East and Washington's clearance of missile defence system sales to Riyadh and the United Arab Emirates will bring more oil to the world market.
Brent crude futures rose 53 cents, or 0.6%, at $97.31 a barrel by 0020 GMT while West Texas Intermediate (WTI) crude futures rose 55 cents, also a 0.6% gain, to $91.21. Both benchmark fell to their weakest levels since February in the previous session.
Brent crude futures were down $2.35, or 2.4 percent, at $98.19 a barrel by 11:09 a.m. ET (1509 GMT).
Amid high oil prices and uncertain energy supplies made worse by Russia's conflict on Ukraine, the OPEC oil cartel and its partners are gathering on Wednesday to decide how much crude to produce in September.
Brent crude futures fell 94 cents, or 0.9%, to $99.60 a barrel at 0020 GMT, wiping out the previous session's gain.
The U.S. Treasury and the U.S. State Departments imposed sanctions on a total of six companies, four based in Hong Kong, one in Singapore, and one in the United Arab Emirates (UAE) in actions that were announced in separate statements.
There were also jitters about an escalation in Sino-U.S. tension with U.S. House of Representatives Speaker Nancy Pelosi set to begin a visit to Taiwan against the objections of China, which regards the self-governed island as a breakaway province.
Brent crude futures fell 29 cents to $99.74 a barrel by 0002 GMT, with WTI crude futures down 22 cents at $93.67 a barrel.
The producer group is being asked to pump more oil and help combat soaring inflation. Russia’s not going to let that happen
The decision was taken at a special meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over by the Finance Minister Miftah Ismail on Sunday.
OPEC+ is an alliance of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.
Brent crude futures dropped 63 cents, or 0.6%, to $103.34 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was at $97.87 a barrel, down 75 cents, or 0.7%, after hitting a session low of $97.55 when trading commenced in Asia.