By JENNY GROSS
Morgan Stanley has lowered by 7% its refining estimates for major oil refineries in the fourth quarter of 2011, the company said in a note Monday.
They attributed this to higher prices of European oil benchmark Brent crude, declining profits on oil products and a narrowing spread between Nymex crude and Light Louisiana Sweet crude.
ConocoPhillips, in particular, had been negatively affected this quarter as it had positions in "segments" that were trending lower in the fourth quarter, the note added.
Dow Jones Newswires