So there are a total of atleast 16 deadric princes. The question is? Is thier some Deardric king? Like the one who controls all realms of oblivion? If not then why is thier not a king?

There is no Daedric King.

There's no King because no one controls or rules over all of the Daedric Princes.

And why are they called princes? Are they just fighting for control over Oblivion or is it something else?

It's just the title they are given. They are also called Lords. Oblivon is more like a sort of space than on definite location to rule over.

At the risk of spilling nerd all over the forums...."Prince" actually comes from the Latin word "princeps" which basically meant "ruler." It wasn't until the late middle ages that it came to have the modern meaning, i.e. a lesser ruler or the son of a king or emperor.

For the daedra, prince has the original meaning--they're the ruler of their realm.

Relate it to Satan, Prince of Darkness, with no king.

Prince might indicate two things:

a.) a monarchical ruler in general
b.) the son of a sovereign ruler

Most prominent example for a.) is the Prince of Monaco. Most prominent example for b.) is Prince William.