Oil below $65 as oversupply outweighs Saudi royal reshuffle

Oil prices dipped on Wednesday as oversupply and weak demand outweighed uncertainty in Saudi Arabia where King Salman relieved the crown prince as well as several senior ministers and the chief executive of national oil company Saudi Aramco.

Saudi King Salman bin Abdulaziz on Wednesday sacked his younger half-brother as crown prince and appointed his nephew, deputy crown prince Mohammed bin Nayef, as the new heir apparent, state television said.

Despite the Saudi uncertainty, Brent crude futures dropped 19 cents from their last settlement to $64.45 a barrel by 0524 GMT. U.S. WTI crude was down 17 cents at $56.89 a barrel.

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Posted in: Indian Market Tips