Buffett buys into oil firms

Warren Buffett's Berkshire Hathaway made two substantial bets on the oil business in the second quarter, accumulating shares in National Oilwell Varco and Phillips 66. The famed money manager also reduced his firm’s position in Procter & Gamble by nearly 20 per cent, cut its stake in Kraft by a quarter and slashed its position in Johnson & Johnson by roughly two-thirds.