Warren Buffett digs deeper into his big oil bet

Warren Buffett drills deeper into his oil bet
Warren Buffett drills deeper into his oil bet   

Warren Buffett is extending his big oil bet amid the crude market wreckage.

His buying streak extended to a seventh day Tuesday, new filings show, as Buffett's Berkshire Hathaway bought another 861,000 shares of Phillips 66 as that stock bounced around three-month lows.

In total, during the seven days, Berkshire has bought almost 6 million shares of the company at an average price of $76.64 per share.

That's almost $460 million worth, a small, but growing, percentage of Berkshire's total stake that's now worth more than $5 billion.

The latest purchases were made as the stock went as low as $76.00, a bit above the levels it hit in the previous few days.

Since then the stock's performance has been somewhat erratic. On Wednesday it hit a low of $74.32, and on Thursday it went down to $74.32 before ending at $79.28, a gain of more than 5 percent on the day.

As there can be a lag of several days between purchases and SEC filings, we may find out soon that Berkshire continued to buy at the lower levels.