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A Reuters survey also indicated the Organization of Petroleum Exporting Countries pumped less crude this month than in January, boosting market sentiment. Oil prices jumped 3 percent on Monday after China moved to boost its slowing economy and Saudi Arabia pledged to work with other crude producers to limit market volatility, developments that fed hopes the oil selloff would end. A Reuters survey also indicated the Organization of Petroleum Exporting Countries pumped less crude this month than in January, boosting market sentiment. An advance on Wall Street was another supportive factor for traders and investors looking to raise bets on oil. For weeks, the benchmark S&P 500 index for U.S. stocks has mirrored moves in U.S. crude and vice versa. "We seem to be back to the old play: China injecting money into their system, and the S&P playing along for a risk-on trade in oil," said David Thompson, executive vice president at Powerhouse, an energy-focuse...

"We've owned stocks that we've lost money in," said Buffett, the world's third-richest person. "If I'm wrong, you sell them out and take a big loss. We've done that on a few occasions with stocks and bonds over the years." Warren Buffett, chairman and chief executive of Berkshire Hathaway Inc, told CNBC on Monday the firm's ownership of IBM shares could prove a mistake and that he was buying more U.S. stocks overall since the end of last year. "We've owned stocks that we've lost money in," said Buffett, the world's third-richest person. "If I'm wrong, you sell them out and take a big loss. We've done that on a few occasions with stocks and bonds over the years." Berkshire, which held an 8.59 percent stake in IBM as of Dec. 31, 2015, said in an annual shareholder letter on Saturday that it planned to keep that stake despite a $2.6-billion paper loss at the end of last year. Buffett told t...

Wan Zulkiflee: ‘The impairments were taken as part of being prudent despite the higher production of oil. - theStar credit photo Petroliam Nasional Bhd’s (Petronas) net loss narrowed to RM3bil for the fourth quarter ended Dec 31, 2015 from RM7.3bil in the same quarter in 2014 due to impairments on assets and the weaker ringgit. The impairments for the quarter amounting to RM12.9bil was lower compared with the RM19.8bil that was impaired in the corresponding period in 2014. If the impairments were excluded, then Petronas would have posted a profit of RM9.9bil for the fourth quarter in 2015, down 21% from RM12.5bil a year ago. In tandem with the low oil price environment, Petronas’ revenue for the fourth quarter in 2015 fell 24% to RM60.1bil from RM79.4bil previously. For the full year of 2015, Petronas’ profit fell 56% to RM20.8bil from RM47.6bil in 2014 on the back of a revenue of RM247.7bil, which is a 25% decline compared with the previous year. “The impairments were...

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