Oil prices steadied on Wednesday after news that King Salman of Saudi Arabia had altered the kingdom’s line of royal succession in a reshuffle that also affected leadership of the national oil company, Saudi Aramco.
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 made his son, Prince Mohammed bin Salman, deputy crown prince, and appointed Saudi Aramco Chief Executive Khalid al-Falih as chairman of the state oil firm and health minister.
Saudi reshuffles often move oil prices as stability in the world’s biggest oil-exporting country is key to global supplies, but Wednesday’s announcement had little obvious impact.
Brent crude oil LCOc1 was up 15 cents at $64.74 a barrel by 1255 GMT (8.55 a.m. EDT). U.S. crude CLc1 was down 16 cents at $56.90.