London Brent crude was down 46 cents at $30.50 per barrel, while US light crude on the New York Mercantile Exchange fell 37 cents to $34.57 per barrel. Freezing weather in the US Northeast, a huge consumer of heating oil, last week pushed US crude above $36, its highest since the Iraq war. Prices have softened since OPEC giant Saudi Arabia last week signalled a softer stance on producers need for high oil prices to counter the decline in the value of the dollar. Saudi Oil Minister Ali al-Naimi told delegates at the World Economic Forum in Davos on Friday that the kingdom would continue to aim for a central $25 target for a reference basket of crudes. "I think a price of $25 a barrel for the OPEC basket is the right price," Naimi said. OPECs price index was most recently estimated at $30.71 per barrel. PIN//Scotsman