Oil sector erodes early gains

Oil sector gave up early strength this morning. Traders look sceptical about any further upside to oil price on back of cold weather. Oil may be at the top of it's near term trading range. March Nymex crude currently down approx 10c @ $55.30. Interesting to note similar weakness in base metals today also. Copper inventories build of 5975mt on LME this morning. Copper price off over 2%.