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Falling Crude Prices Could Stifle Global Growth

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

Good evening, I'm Saijal Patel and you're watching "Asia Market Daily".

Commodity prices have bounced back in Asian trade - after being hit by concerns about the U.S. economic recovery.

Gold recovered - after being hurt by technical selling. The precious metal breached a major trend line support - and looks to test below a 50-day average, which it held for the last two months.

Crude prices also firmed - as the U.S. dollar continued to soften.

Although the price of Nymex crude has dropped some 10 percent in the past two weeks - some analysts fear it could stifle global growth.

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Dale Nijoka, Ernst & Young's Global Oil & Gas Leader:
I don't know that oil prices could go up much more than where they are today, and not have a negative impact on inflation. I think you'll see that people will begin to very quickly change lifestyles, change their views on energy, and it could have a negative impact on inflation for the countries.

A new report by Ernst & Young predicts the 'oil price shock' could push natural gas prices higher - as consumers and corporations look for alternatives to the pricey black gold.

Dale Nijoka, Ernst & Young's Global Oil & Gas Leader:
There's a lot of natural gas out there, there's a lot of discussion of shale gas, and the impact that has on the markets. And for the first time you're seeing people actually talk about exporting gas from the United States, which was something that three or four, five years ago was just unheard of because it was seen as being a net consumer of gas, and needing gas to be brought in from outside.

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Well that wraps up the latest "Asia Market Daily". I'm Saijal Patel from CNBC, thanks for watching.

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