Oil falls more than $1

Oil fell more than $1 to near $126 on Monday as the U.S. dollar edged up and traders shrugged off Tropical Storm Arthur, which marked the start of the Atlantic hurricane season by shutting two Mexican oil ports.

U.S. light, sweet crude oil futures fell $1.04 to $126.31 a barrel by 0749 GMT, extending last week's nearly $5 tumble as traders took profits from the previous week's record high above $135 on concerns over demand.

Indicator has not signaled buy yet.