BANGKOK_Oil prices have dived more than 4 percent to near $74 a barrel as Dubai's debt problems roil global markets.

Benchmark crude for January delivery was down $3.44 to $74.54 a barrel at early afternoon Bangkok time Friday in electronic trading on the New York Mercantile Exchange. It traded as low as $74.41.

Dubai World, the emirate's main development company, has said it would ask creditors for a "standstill" on paying back its $60 billion debt until at least May, sparking a sell-off in stock and commodity markets worldwide.