Oil prices dipped on Wednesday on oversupply after news King Salman of Saudi Arabia had altered the line of royal succession in the kingdom in a dramatic reshuffle. King Salman bin Abdulaziz sacked his younger half-brother as crown prince and appointed his nephew, deputy crown prince Mohammed bin Nayef, as the new heir apparent. He also appointed his son, Prince Mohammed bin Salman, as deputy crown prince, and replaced veteran foreign minister Prince Saud al-Faisal with the kingdom’s Washington ambassador Adel al-Jubeir as well as appointing several other ministers. Saudi reshuffles often move oil prices as stability in the world’s biggest oil exporting country is key to global supplies. Traders and analysts said it was not clear how Saudi oil policy might be affected by the changes at a time when the oil market was oversupplied and facing a seasonal dip in demand. “I don’t think […]