record oil prices

Asian markets were mixed Friday as investors digested uneven readings on the U.S. economy and more record oil prices.

Japan headed for its 12th straight day of losses.

Indonesia's main index rebounded after selling off nearly 4 percent the prior session.

Hong Kong and Australia equities also were higher.

With stocks hit hard recently, some investors were returning to the market.

Others who bet on falling prices were starting to take profits, further supporting prices.

Buckling under the weight of record oil prices, several Asian countries have cut or are thinking of cutting their fuel subsidies, which raises a pressing question for Beijing: Can China afford its own oil subsidies at a time when it is spending billions on post-earthquake reconstruction?

Net income in the first quarter rose to $5.17 billion at Chevron as soaring oil prices outweighed weak profits from gasoline production.

BP beat forecasts on Tuesday with a 48 percent leap in first-quarter replacement cost net income, helped by record oil prices.

Helped by record oil prices, Royal Dutch Shell beat forecasts on Tuesday with a 12 percent rise in its first quarter current cost of supply net income.

Oil prices jumped to a new record above $106 Friday but settled lower, extending their recent pattern of choppy trading after a weak jobs report convinced many traders that the Federal Reserve's interest rate cutting campaign will continue.

House Democrats cited record oil prices and a surge in gasoline costs Wednesday as they pushed to impose $18 billion in new taxes on the largest oil companies.

Republicans argued the industry is being unfairly singled out for higher taxes.