Oil slides on subprime crisis

Oil fell Thursday as worries over the U.S. subprime mortgage sector battered global markets, but losses were limited as refined products prices held firm on tight U.S. supplies.

U.S. crude settled down 56 cents to $71.59 a barrel on the New York Mercantile Exchange, after falling as low as $70.50. London Brent crude fell 78 cents to $70.21.