Why Occidental Petroleum's Stock Is Soaring Today

Shares of oil giant Occidental Petroleum (NYSE: OXY) continue to soar 9.6% in morning trading Monday after Warren Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) reported purchasing an additional 18.1 million shares last week, spending almost $1 billion on the stock.

Buffett owns more than 10% of Occidental's stock, and with no end in sight to higher oil and gas prices amid rampant inflation, the energy sector has been on fire.

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Source Fool.com