Oil price rebounded and Buffett continued his bet.

The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge.

$Berkshire Hathaway-A (BRK.A.US)$, the conglomerate and investing firm run by billionaire Warren Buffett, increased its ownership stake in $Occidental Petroleum (OXY.US)$ to nearly 15% this week from 9% earlier this month.

$Occidental Petroleum (OXY.US)$ : nearly doubled year to date
$Berkshire Hathaway-A (BRK.A.US)$ : up 15% year to date; traded at a record high
$S&P 500 Index (.SPX.US)$ : down 7.4% year to date

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