The short interest data have been released for the most recent settlement date. It just so happens that some of the latest short interest readings for major oil companies are continuing to push new highs for the most recent settlement date. It would appear that investors who were more bearish on oil made the right bet for the March 31 settlement date.

Chevron Corp. (NYSE: CVX) saw its short interest fall only slightly to 21.3 million shares, with three days to cover. The previous reading was 23.0 million shares. The most recent five readings have been the highest short interest for the past year. Shares closed Friday at $106.91, in a 52-week trading range of $98.88 to $135.10.

Exxon Mobil Corp. (NYSE: XOM) saw its short interest fall roughly 10% to 40.6 million shares, with three days to cover. The previous reading for short interest was 44.4 million shares. Shares closed Friday at $85.56, within a 52-week trading range of $82.68 to $104.76.

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BP PLC (NYSE: BP) short interest increased to one of its highest levels in the past 52 weeks, 12.5 million, with two days to cover. The most recent six readings are the highest on the 52-week range, excluding a spike in September. Shares ended last week at $41.54, in a 52-week trading range of $34.88 to $53.48.

ConocoPhillips (NYSE: COP) saw the number of its shares short increase to one of its highest levels on the year, 31.9 million, with four days to cover. However, these most recent six readings have been among the highest on the 52-week range. The prior reading was 31.8 million. Before these readings, short interest generally remained within the range of 20 million to 24 million shares. Shares closed Friday at $66.53, within a 52-week trading range of $60.57 to $87.09.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest rise to 128.4 million shares, with three days to cover. The previous level was 109.9 million. The current short interest level is roughly four, maybe five, times larger than it was a year ago. Shares closed Friday at $7.75, in a 52-week trading range of $4.90 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) short interest backed off to 11.2 million shares, with two days to cover. The previous reading was 11.3 million shares. The mid-February reading of 12.9 million shares was the highest for the past 52 weeks. Shares closed most recently at $78.45, in a 52-week trading range of $71.70 to $101.38.

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