Oil falls over $1 at open after biggest ever surge

SINGAPORE (Reuters) - U.S. oil prices fell more than $1 in opening trade on Monday after surging by nearly $11 to a hit record high above $139 on Friday, their biggest ever one-day gain, on the falling dollar and Middle East jitters.

U.S. light, sweet crude for July delivery fell by $1.41 or over 1 percent to $137.13 a barrel by 2202 GMT (6:02 p.m. EDT). The contract surged $10.75 or 8.4 percent on Friday, hitting an intra-day record of $139.12 a barrel as the slumping dollar and mounting tension between Israel and Iran fuelled a buying frenzy.

(Reporting by Jonathan Leff)