An economist with Deutsche Bank raised his crude price outlook Friday, prompting revisions to price targets on some of the world's largest oil companies.

A Friedman, Billings, Ramsey & Co. analyst cut price targets on oil refiners on Wednesday and predicted earnings will drop substantially as crude prices continue to rise.

Shares of petroleum refiners hit new 52-week lows Friday as the price of crude oil jumped past $142 a barrel to a record high.

Crude-oil inventories fell last week after posting a gain in the prior period, while gasoline stockpiles rose unexpectedly, according to government data released Wednesday.

Government data scheduled for release Wednesday is expected to show that crude-oil inventories fell last week after an unexpected gain in the prior period.

Big banks topped this week's investing news as they continued to fight their way through the subprime mortgage mess. For some, like JPMorgan Chase and Citigroup, which both reported earnings this week, it meant continued writedowns.

US gasoline supplies should start the summer driving season at their highest level since 1999, helping to temper a surge in pump prices linked to the soaring cost of crude oil.

U.S. refiner Valero Energy said on Monday its first quarter earnings will be sharply lower than last year on weak profits from gasoline production, as well as operating problems.