Oil prices dipped below $66 on September 10, 2006, dragging energy stocks and gold prices downwards.

Hitting INPEX (Japan) and other energy stocks along with gold prices that reached a 2-month low, oil prices dropped below $66, a 5-month low.

The 10-year bond yield of Japan settled at a 1.66 % low because of the decline in machinery orders data, showing a 16.7 % slow down in July compared to June, weakening chances of hike in interest rate by the Bank of Japan. Euro slid a six-week low against dollar.

Light crude of USA fell to $65.68 per barrel, however, gained some momentum later and closed at $65.80 after OPEC meeting on Monday. Nikkei in Tokyo closed at a 1.78 % decline, biggest decline since August 7.

"In spite of last week's data displaying strong business spending, revised GDP wasn't greatly upgraded and it was disappointing," stated Toshihiko Matsuno of SMBC Friend Securities.

Faunc and INPEX dropped by more than 2%. The share index of MSCI slid by 1.04 % reaching a 2-week low.

Fall in the prices of oil dragged gold prices to $594.50 from a high of $ 640.25 recorded on September 6, 2006.

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