— This is the script of CNBC's news report for China's CCTV on December 16, Tuesday.
Let's check in on how Nymex and Brent are faring in Asian trade...*Ad lib
Crude plunging to a five and a half year low last night on fears of weak demand next year.
How low will oil prices go?
[SOT: John Kingston/ Global Director Of News/ Platts] "You can see a short term spike downward that starts to touch 20, 30 dollars. It is not sustainable at that level but in the same way that you can get market spikes that take prices up to 140 dollars like it did in 2008 on the downside, you can get short term spikes that take this thing very low, far lower than it is now, but it is not sustainable at that level in the same way that 140 wasn't sustainable at that level back in 2008."
[SOT: Bill Gross/Portfolio Manager/ Janus Global Unconstrained Bond Fund] "I THINK THAT IS VERY DIFFICULT ESPECIALLY NOW WITH SHALE AND FRACKING AND THE SITUATION IN THE UNITED STATES AS A GLOBAL SUPPLIER AS OPPOSED TO A GLOBAL DEMAND. I DON'T THINK EVEN PICKENS KNOWS WHERE THE OIL PRICE WILL REST."
The oil rout causing a big headache for Russia.
The Russian rouble slumping 7.7% against the dollar, to fresh record lows.
This as the country's central bank sharply hiked its key rate to 17%, barely a week after it had hiked rates to 10.5% late last week.
It also sharply hiked its repo and deposit rates, citing devaluation and inflation risks.
The sharp decline in oil prices has caused a lot of turmoil for the oil-exporting country, which is also grappling with the threat of more sanctions from the West and slowing domestic growth.