Oil prices slipped on Tuesday as investors digested China’s decision to devalue the yuan, which will make imports of a number of commodities including crude oil more expensive. China’s move eroded a late rally in oil prices the previous day that stemmed from a weaker dollar. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at $44.71 a barrel at 0417 GMT, down 25 cents in the Globex electronic session. Brent crude on London’s ICE Futures exchange fell 22 cents to $50.19 a barrel. Crude oil, like most other commodities are pegged to the dollar, which means China’s imports will become costlier. “When oil becomes more expensive, it is likely to hurt China’s demand,” says Daniel Ang, investment analyst at Phillip Futures. “I think that there is definitely going to be more bearish momentum to what we are seeing now, and we […]