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LONDON, Sept 12 (Reuters) – A long-awaited software upgrade to the Ethereum blockchain aimed at slashing its huge energy consumption is expected this week, a move proponents say may widen the technology’s use and support the price of the ether token. 

The upgrade, known as the “Merge,” will mark a radical change to how transactions on the Ethereum blockchain occur and ether tokens are created. The new system will consume 99.95% less energy, according to the Ethereum Foundation, a body which acts as a spokesperson for the network. 

Full coverage: REUTERS

Explainer: The G7’s Price Cap On Russian Oil Begins To Take Shape

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WASHINGTON, Sept 12 (Reuters) – The Group of Seven countries is working to cap the price of Russian oil in an attempt to limit Moscow’s ability to fund its invasion of Ukraine, a plan analysts say could work in the long term but might boost oil prices in coming months.

Officials in G7 countries, including U.S. Treasury Secretary Janet Yellen, say the unprecedented measure, set to begin Dec. 5, will cut the price Russia receives for oil without reducing its petroleum exports to world consumers.

Full coverage: REUTERS

Morning Bid: Turns Tides

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A look at the day ahead in U.S. and global markets from Mike Dolan.

Turning tides in the year’s twin political and economic shocks dominate the start of the week for world markets.

Ukraine’s dramatic military counteroffensive against Russian troops at the weekend challenged many assumptions of a frozen conflict there for years to come – with potentially profound market implications in energy prices, inflation outlooks and geopolitical risk premia.

Full coverage: REUTERS

Oil Prices Rise As Uncertainty Mounts

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LONDON, Sept 12 (Reuters) – Oil prices rose on Monday as Iranian nuclear talks appeared to hit obstacles and an embargo on Russian oil shipments loomed, with tight supply struggling to meet still robust demand.

Brent crude futures rose 92 cents, or 1%, to $93.76 a barrel by 0910 GMT. U.S. West Texas Intermediate crude was up 71 cents at $87.50 a barrel, or 0.8%.

Prices were little changed last week as gains from a nominal supply cut by the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, were offset by lockdowns in China, the world’s top crude importer.

Full coverage: REUTERS

European Shares, Euro Jumps On Ukrainian Advances In Northeast

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LONDON, Sept 12 (Reuters) – European shares jumped on Monday after Ukrainian forces made a rapid advance in Kharkiv province in Russia’s worst setback since its Kyiv push was abandoned in March, while the euro extended on last week’s European Central Bank inspired gains.

On Saturday, Moscow abandoned its main bastion in northeastern Ukraine, in a sudden collapse of one of the war’s principal front lines after Ukrainian forces made a rapid advance.

Full coverage: REUTERS