UPDATE 7-Oil falls below $75 on Dubai default worries

* Oil prices fall nearly 5 pct from Wednesday settlement

* Dubai debt delay revives financial crisis fears

* Dollar jumps as investors trim risk exposure

(Updates prices, adds comment)

By Chris Baldwin

LONDON, Nov 27 (Reuters) - Oil prices sank to six-week lows below $75 a barrel on Friday as fears that Dubai could default convulsed financial markets and the dollar rose as investors moved into safer assets.

U.S. crude for January delivery CLc1 was $74.42 a barrel by 1445 GMT in electronic trading, having shed $4 at one point, more than 5 percent below Wednesday's settlement.

There was no settlement price on Thursday because U.S. markets were closed for Thanksgiving.