Oil prices sank to a six-week low to below $74 a barrel today as fears of debt default in Dubai hit financial markets and the dollar rose.

US crude for January delivery was $73.70 a barrel by 0906 GMT in electronic trading, down more than 5% from Wednesday’s settlement, according to Reuters.

London Brent crude fell $1.99 to $75.00.

Dubai has asked for a debt standstill on tens of billions of dollars as part of a restructuring, sparking debt-default fears that could hit other parts of the global economy and derail a fledgling recovery from 2008’s global financial crisis, reports Reuters.