Teenaged Indian Grandmaster Arjun Erigaisi went down against world no.1 Magnus Carlsen in the final of the Julius Baer Generation Cup online rapid chess tournament, losing the second match 0-2. Having won the first match, the Norwegian had the advantage and he won the first two games of the second match to close out the finale early on Monday.

Having won the first match, comprising four games, 2.5-0.5, Carlsen needed to only draw the second to take the top prize. He won two games of the second match and shut out Erigaisi. The final was a two-match affair with each match consisting of four games. If the players had won a match each, a blitz tie-break would have been required to decide the winner. Requiring to win the second match to have a chance to push the final to a tie-break, the 19-year old Indian player found himself in trouble against the world no.1 in red-hot form. Erigaisi resigned on move 48 and slipped into further trouble.

ALSO READ |&nbsp;<a href="https://www.wionews.com/sports/unfortunately-i-cannot-speak-on-that-magnus-carlsen-refuses-to-clarify-cheating-claims-518767">'Unfortunately, I cannot speak on that': Magnus Carlsen refuses to clarify cheating claims</a>

The second game was over in 52 moves as Carlsen dashed the Indian GM's hopes. Carlsen had been unstoppable in the preliminary phase and lost just one game, resigning after just two moves against Hans Niemann and subsequently dropping a game to Lev Aronian in the quarterfinals. 
Carlsen's performance makes him the first player to hit the historic 2900 Tour Rating mark. Erigaisi, with a fine performance in the Julius Baer Cup, part of the Meltwater Chess Tour, has qualified for the eight-player tour final in San Francisco later this year.

Teenaged Indian Grandmaster Arjun Erigaisi went down against world no.1 Magnus Carlsen in the final of the Julius Baer Generation Cup online rapid chess tournament, losing the second match 0-2.

Teenaged Indian Grandmaster Arjun Erigaisi went down against world no.1 Magnus Carlsen in the final of the Julius Baer Generation Cup online rapid chess tournament, losing the second match 0-2. Having won the first match, the Norwegian had the advantage and he won the first two games of the second match to close out the finale early on Monday. Having won the first match, comprising four games, 2.5-0.5, Carlsen needed to only draw the second to take the top prize. He won two games of the second match and shut out Erigaisi. The final was a two-match affair with each match consisting of four games. If the players had won a match each, a blitz tie-break would have been required to decide the winner. Requiring to win the second match to have a chance to push the final to a tie-break, the 19-year old Indian player found himself in trouble against the world no.1 in red-hot form. Erigaisi resigned on move 48 and slipped into further trouble. ALSO READ | 'Unfortunately, I cannot speak on that': Magnus Carlsen refuses to clarify cheating claims The second game was over in 52 moves as Carlsen dashed the Indian GM's hopes. Carlsen had been unstoppable in the preliminary phase and lost just one game, resigning after just two moves against Hans Niemann and subsequently dropping a game to Lev Aronian in the quarterfinals. Carlsen's performance makes him the first player to hit the historic 2900 Tour Rating mark. Erigaisi, with a fine performance in the Julius Baer Cup, part of the Meltwater Chess Tour, has qualified for the eight-player tour final in San Francisco later this year.

Julius Baer Cup: Indian GM Erigaisi loses to World No. 1 Magnus Carlsen in final

Oil prices jumped by more than 5 per cent on Monday after the <a href="http://www.wionews.com/world/trump-and-china-called-a-truce-in-the-trade-war-now-what-181070">United States and China</a> agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.

US&nbsp;light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 per cent, before easing to around $53.00 by 0930 GMT. Brent crude rose 5.3 per cent or $3.14 to a high of $62.60 and was last trading around $61.60.

"From Argentina to Alberta, the oil market news is about supply curtailments," said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. "A brightening market mood will likely extend today's price rally in the very near term."

<a href="http://www.wionews.com/world/us-china-agree-to-trade-war-ceasefire-more-talks-180930">China and the United States</a> agreed during a weekend meeting in Argentina of the Group of 20 leading economies not to impose additional trade tariffs for at least 90 days while they hold talks to resolve existing disputes.

The trade war between the world's two biggest economies has weighed heavily on global trade, sparking concerns of an economic slowdown.

Crude oil has not been included in the list of products facing import tariffs, but traders said the positive sentiment of the truce was also driving crude markets.

Oil also received support from an announcement by the Canadian province of Alberta that it would force producers to cut output by 8.7 per cent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage.

The Organization of the Petroleum Exporting Countries meets on Dec. 6 to decide output policy. The group, along with non-OPEC member Russia, is expected to announce cuts aimed at reining in a production surplus that has pulled down crude prices by around a third since October.

"Markets are expecting to see a substantial production cut after Russian President Vladimir Putin said his country's cooperation on oil supplies with Saudi Arabia would continue," said Hussein Sayed, chief market strategist at brokerage FXTM.

Within OPEC, Qatar said on Monday it would leave the producer club in January.

Qatar's oil production is only around 600,000 bpd, but it is the world's biggest exporter of liquefied natural gas (LNG).

The Gulf state has also been at loggerheads with its much bigger neighbour Saudi Arabia, the de facto OPEC leader.

Outside OPEC, Russian oil output stood at 11.37 million bpd in November, down from a post-Soviet record of 11.41 million bpd it reached in October, Energy Ministry data showed on Sunday.

Meanwhile, oil producers in the United States continue to churn out record amounts of oil, with crude output at an unprecedented level of more than 11.5 million bpd.

With drilling activity still high, most analysts expect US&nbsp;oil production to rise further in 2019.

Oil prices jumped by more than 5 per cent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.

Oil prices jumped by more than 5 per cent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply. US light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 per cent, before easing to around $53.00 by 0930 GMT. Brent crude rose 5.3 per cent or $3.14 to a high of $62.60 and was last trading around $61.60. "From Argentina to Alberta, the oil market news is about supply curtailments," said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. "A brightening market mood will likely extend today's price rally in the very near term." China and the United States agreed during a weekend meeting in Argentina of the Group of 20 leading economies not to impose additional trade tariffs for at least 90 days while they hold talks to resolve existing disputes. The trade war between the world's two biggest economies has weighed heavily on global trade, sparking concerns of an economic slowdown. Crude oil has not been included in the list of products facing import tariffs, but traders said the positive sentiment of the truce was also driving crude markets. Oil also received support from an announcement by the Canadian province of Alberta that it would force producers to cut output by 8.7 per cent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage. The Organization of the Petroleum Exporting Countries meets on Dec. 6 to decide output policy. The group, along with non-OPEC member Russia, is expected to announce cuts aimed at reining in a production surplus that has pulled down crude prices by around a third since October. "Markets are expecting to see a substantial production cut after Russian President Vladimir Putin said his country's cooperation on oil supplies with Saudi Arabia would continue," said Hussein Sayed, chief market strategist at brokerage FXTM. Within OPEC, Qatar said on Monday it would leave the producer club in January. Qatar's oil production is only around 600,000 bpd, but it is the world's biggest exporter of liquefied natural gas (LNG). The Gulf state has also been at loggerheads with its much bigger neighbour Saudi Arabia, the de facto OPEC leader. Outside OPEC, Russian oil output stood at 11.37 million bpd in November, down from a post-Soviet record of 11.41 million bpd it reached in October, Energy Ministry data showed on Sunday. Meanwhile, oil producers in the United States continue to churn out record amounts of oil, with crude output at an unprecedented level of more than 11.5 million bpd. With drilling activity still high, most analysts expect US oil production to rise further in 2019.

Ahead of OPEC meeting, oil prices jump 5%

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Julius Baer Cup: Indian GM Erigaisi loses to World No. 1 Magnus Carlsen in final

Ahead of OPEC meeting, oil prices jump 5%