Oil falls more than $3 after late end '08 surge

SINGAPORE (Reuters) - Crude oil prices fell more than $3 on Friday, as traders bet a late-day rally that drove up prices about 14 percent on Wednesday, was overdone.

U.S. light, sweet crude fell $3.35 to $41.25 a barrel by 2:24 a.m. EST, reversing a part of Wednesday's $5.57 a barrel gains. Oil tumbled 54 percent in all last year.

London Brent crude fell $3.41 a barrel to $42.18.

(Reporting by Chua Baizhen; Editing by Ramthan Hussain)