Oil prices fell below $66 a barrel today as stock markets sank and investors eyed a slew of economic data this week that will help shed light on the health of the U.S. economy.

By midday in Europe, benchmark crude for November delivery was down 31 cents to $65.71 a barrel in electronic trading on the New York Mercantile Exchange.

Asian and European stocks were mostly lower, with Japan's market hit by the yen's rise to a nine-month high against the dollar. Wall Street was likewise expected to open lower. U.S. stocks fell Friday on disappointing economic data. Reports on manufacturing and home sales stoked concerns over recovery prospects.

Crude is flirting with the bottom of a $65 to $75 trading range as traders weigh signs of an improving economy against evidence that consumer demand remains weak.