Oil has gotten kicked in the teeth, and common sense would say that short sellers have made huge bets and boatloads of money as the stocks and commodities around the oil patch have suffered. It just so happens that the current short interest readings are hitting new highs for the most recent settlement date. It would appear that investors who were more bearish on oil made the right bet.

Chevron Corp. (NYSE: CVX) saw its short interest jump to a 52-week high of 24.0 million shares, with 2.3 days to cover. The previous reading was 20.8 million with 2.3 days to cover. The last time short interest was even close to this level was in late August at 20.3 million. Shares closed Tuesday at $108.26, in a 52-week trading range of $100.15 to $135.10.

Exxon Mobil Corp. (NYSE: XOM) saw its short interest increase 13% from one of the lower levels on the year to 44.2 million shares, with 2.7 days to cover. The last reading for short interest was 39.1 million with 2.3 days to cover. The previous reading was one of three in the past year that was below the 40 million mark. Shares closed Tuesday at $90.95, within a 52-week trading range of $86.19 to $104.76.

BP PLC (NYSE: BP) saw its short interest remain relatively flat at 11.5 million with 1.2 days to cover, compared to the previous reading of 11.6 million shares, with 1.2 days to cover. Short interest was last at this elevated level at the mid-August settlement date. Shares closed Tuesday at $40.21, in a 52-week trading range of $34.88 to $53.48.

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ConocoPhillips (NYSE: COP) saw the number of its shares short increase 2.4% to its highest level on the year of 34.4 million, with 3.3 days to cover. The last reading was 33.6 million, with 3.6 days to cover. Prior to the past two readings, short interest generally remained within the range of 20 million to 24 million. Shares closed Tuesday at $65.54, within a 52-week trading range of $60.84 to $87.09.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest reach a new 52-week high of 108.6 million shares, with 2.4 days to cover. The previous level was 104.4 million, with 2.7 days to cover. The current short interest level is roughly four times larger than it was a year ago. Shares closed Tuesday at $11.37, in a 52-week trading range of $5.79 to $20.94. Unfortunately, Petrobras may be trading on an entirely different set of fundamentals and sentiment due to its woes in Brazil.

Occidental Petroleum Corp. (NYSE: OXY) saw its short interest fall by 11.2% to 11.1 million shares, with 1.8 days to cover. The level for the December 31 settlement date was 12.5 million, with 2 days to cover. The current level is the fourth highest on the year, and the past two readings top the list. Shares closed Tuesday at $79.41, in a 52-week trading range of $72.32 to $101.38.

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