Oil prices slipped further Wednesday to multi-month lows in the wake of China’s surprise move to devalue its currency, the yuan. Imports of crude oil into one of the largest consuming nations will become more expensive following the devaluation, as most commodities are priced internationally in dollars. China’s decision is also being read as a ploy to revive its sputtering economy, pointing to underlying weakness in its industries. Imports of crude oil into China have so far been robust, but investors are concerned about how long the trend will last. In addition, fears about a widening oil glut increased as the Organization of Petroleum Exporting Countries reported a 0.3% rise in output month-on-month for July, said Daniel Ang, investment analyst at Phillip Futures. Looming new supplies from Iran have also put pressure on prices. Despite low prices, large producers have shown few signs of reducing output, including those […]