Occidental Petroleum stock soars after Buffett raises stake

Occidental Petroleum (OXY.US) shares jumped 8% after Warren Buffett’s Berkshire Hathaway increased its overall stake in the energy company to around 13.4%, according to a recent SEC filing. Buffett  bought additional 18.1 million shares for an average price of $54.41, a total of $985 million.

Occidental shares have benefited in part from rising oil prices caused mainly by Russia's invasion of Ukraine. Vicki Hollub, Occidental's chief executive, said this month that supply chain troubles and labor shortages make it difficult for oil companies to ramp up production to meet demand.

Occidental Petroleum (OXY.US) stock launched today's session with a bullish price gap, however buyers struggle to break above major resistance at $58.60 which is marked with 61.8% Fibonacci retracement of the downward wave launched in June 2018. Source: xStation5