Warren's Company thinks Oil has hit Bottom $$$ in Nearterm
Buys big stake in ExxonMoblie.
$3.45 B inExxonMobil
It does seem as though oil fell too fast and furious on US and Iranian talks in the last couple of months. Especially when considering that the Libyan Oil is still having troubles trying to get back to pre-war production.
Remember, oil was in full production back in 2007-2008 in both Libya and Iran and oil still hit $147 during that time period. I see the USA Bakken oil region as being able to take up the slack of the Libyan oil production problems and therefore I am not expecting oil to rise above $120 until at least 2020+ when the Bakken region is expected to start going downhill in production levels as opposed to the upward production its seeing today.
So when Warren makes a monster $3.45B investment in a OIL Company it should not be taken lightly. I see it as a massive bullish sentiment for the entire Oil Sector by the master of investing the last 50 years in the market.
Warren Buffett, the fourth richest person in the world and the man widely thought to be the greatest investor of the past century, celebrates his birthday Aug. 30. As well regarded for his folksy wisdom as his monetary acumen, Mr. Buffett has been regaling investors with helpful nuggets of advice for decades. Here are some of Warren Buffet's best investment tips (but be forewarned: the Oracle of Omaha doesn't give out stock picks).