Oil down about 2%

What started out as an up day for oil prices has ended lower. Hopes of oil going higher were hinged on the distillates showing big drawdowns on the back of the cold weather in the US. The report pretty much matched expectations and gave ammo to the bears. I'm a little bit cautious on the sector and finished the day square. I want to see where oil finds some support. With the cold weather likely to pass in the next few weeks, are we going to see a return of focus on the bearish fundamentals (ample supplies)? Or will oil find some support around 55 with news of OPEC cuts and Iran etc. Heard some traders @ Nymex mention they think we are still trending higher..Will be interesting to see where we close tomorrow and Friday. We should see weakness in the oil sector tomorrow until there is some firm direction on the price of oil.