China’s demand for oil is unlikely to crumble in the event of a “hard landing” as incomes continue to increase, pushing up the overall car ownership, says Capital Economics in a report. “After all, the Chinese economy would probably still be growing at a faster rate than the G7 average,” the report says. However, in case if the Chinese economy slows to 2% per year, Brent will probably fall to $35-40/bbl, around the same level during the recession in 2008. “The global economic is in a much stronger position than it was back then.” Nymex prices are down 39 cents at $44.84/bbl while Brent is 32 cents lower at $47.91/bbl.