The Israel-Hamas conflict still "shadows" the market; will the domestic market increase or decrease tomorrow (November 1)?

Today's gasoline price, October 31, according to experts, oil prices are still fluctuating according to the market's reaction to events between Israel and Hamas.

Giá xăng dầu hôm nay 31/10: Xung đột Israel-Hamas vẫn 'phủ bóng' thị trường; trong nước sẽ tăng hay giảm vào ngày mai (1/11)?

Oil prices today, October 31, according to experts, oil prices are still fluctuating according to the market's reaction to events between Israel and Hamas. (Source: Reuters)

Oil prices ended the first trading session of the week down more than 3% as concerns eased that the conflict between Israel and Hamas would disrupt supplies from the region and as investors turned cautious ahead of a meeting of the US Federal Reserve (Fed) this week.

Brent crude futures fell $3.03, or 3.35%, to $87.45 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $3.23, or 3.78%, to $82.31 a barrel.

Oil prices remain volatile in response to the events between Israel and Hamas, said Jim Ritterbusch, president of Ritterbusch & Associates, adding that “ macroeconomic factors could come out later in the week” after the Fed meeting in midweek.

Crude oil prices jumped nearly 3% last Friday after Israel stepped up its incursion into Gaza, raising concerns that the conflict could widen in a region that supplies about a third of global oil output. But analysts said those concerns had eased earlier this week.

“The war premium has disappeared from the market,” said Phil Flynn, an analyst at Price Futures Group. “It’s a situation where over the weekend the conflict seemed to intensify but there was no disruption to supply.”

In addition to the impact of the Israel-Hamas conflict on oil supplies from the Middle East, investors are focused on the outcome of the Fed meeting this Wednesday, as well as earnings from tech giant Apple that could indicate the outlook for an economic recession.

The Fed is likely to keep interest rates unchanged, while the central banks of Britain and Japan will also review their policies this week, Reuters reported.

Meanwhile, inflation in Germany trended down in October, suggesting that overall inflation in the euro zone has eased significantly.

In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of October 23 of the Ministry of Finance - Industry and Trade.

E5 RON 92 gasoline is not more than 22,360 VND/liter.

RON 95 gasoline is not more than 23,510 VND/liter.

Diesel oil not more than 22,480 VND/liter.

Kerosene not more than 22,750 VND/liter.

Fuel oil not exceeding 16,610 VND/kg.

Since the beginning of the year, gasoline prices have undergone 30 adjustments, including 17 increases, 9 decreases, and 4 unchanged.

Updated prices of finished petroleum products on the Singapore market on the evening of October 30 showed that oil prices have dropped sharply. Specifically, the price of RON95 gasoline is at 100.61 USD/barrel, E5 RON92 gasoline is 94.78 USD/barrel, and diesel oil is 112.91 USD/barrel.

On the morning of October 31, according to estimates from a number of petroleum wholesalers, domestic prices at the adjustment session tomorrow afternoon (November 1) may fluctuate in opposite directions due to the continued fluctuations in world prices during the first session of the week. Accordingly, gasoline prices will increase by about 200 - 400 VND/liter, while oil products may decrease more sharply, from 650 - 900 VND/liter. This forecasted increase/decrease does not include the Petroleum Price Stabilization Fund and other fees, if any changes.

Previously, the Vietnam Petroleum Institute forecast that domestic retail gasoline prices in the November 1 adjustment period would also be in opposite directions. In particular, gasoline prices could increase by 335 - 483 VND/liter; oil products would decrease by 227 - 351 VND/liter.

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