A recent report predicted that Brent crude prices will fall to 68 dollars per barrel by late 2025 if China’s demand for oil remains stable until the end of next year.

“Weak Chinese demand for oil and negative risks to GDP growth in China reinforce our view that risks on the Brent scale between 70-90 dollars in 2025 have become bearish,” Goldman Sachs analysts said.

“We conclude that the shift of road fuels from oil to electricity and liquefied natural gas explains the bulk of the slowdown in demand growth in China,”they added.

In recent trading in the oil market, oil contract prices fell for the third consecutive session at the end of Tuesday’s trading session as concerns about supplies from the Middle East receded.

Futures contracts for benchmark Brent crude for October delivery fell by 0.6%, or 46 cents, at 77.20 dollars a barrel, and the price of U.S. NYMEX crude for September delivery fell by 0.45%, or 33 cents, to 74.04 dollars a barrel.