UPDATE 5-Oil prices rise as OPEC pledges decision on supply

* Brent and WTI futures up
* OPEC signals supply decision for 2020
* High-level U.S.-China trade talks begin Thursday
* U.S. weekly crude stocks rise by 2.9 mln bbls -EIA

(Recasts with higher prices, updates prices, adds comment)
By Noah Browning
LONDON, Oct 10 (Reuters) - Oil prices rose on Thursday as
OPEC indicated that all options were on the table to balance oil
markets and that it would take a decision in December on supply
for next year.
Mohammad Barkindo, leader of the exporter group, did not
specify if the move would mean extending a pact to rein in
production to stabilize prices, but the comments appeared to
nudge the market out of pessimism over U.S.-China trade talks.
Global benchmark Brent crude futures LCOc1 rose by 8
cents, or 0.14%, to $58.40 a barrel at 1125 GMT. U.S. West Texas
Intermediate (WTI) futures CLc1 were up 10 cents, or 0.19%, at
$52.69.
A December meeting between the Organization of the Petroleum
Exporting Countries plus allies including Russia would take
"decisions that will set us on the path of heightened and
sustained stability for 2020", Barkindo said on Thursday.
"Barkindo's comment reminds markets that if oil prices do
not fall off a cliff over demand concerns, we could very see
OPEC+ extend their production cuts throughout the majority of
2020," said Edward Moya, senior market analyst at OANDA in New
York.
Separately, Saudi Arabia told OPEC its monthly oil output
fell by 660,000 bpd in September after major attacks on its
energy facilities, while OPEC lowered its 2020 forecast for
non-OPEC supply growth. Those signals from OPEC suggested a tighter global oil
supply picture, but elsewhere abundance reigned.
Price gains were curbed by a report of rising stockpiles in
the United States, currently the world's biggest oil producer.
U.S. crude stocks rose by 2.9 million barrels in the week to
Oct. 4, the Energy Information Administration (EIA) said on
Wednesday, more than double analyst expectations. EIA/S
Additionally, OPEC member Nigeria secured a higher
production target from the organization and a force majeure over
exports from the key Bonny Light stream was lifted. Venezuela will also increase its exports despite U.S.
economic sanctions that have curtailed shipments as Indian
refiner Reliance Industries RELI.NS plans to start loading
Venezuelan crude after a four-month pause. Uncertainty over U.S.-China trade talks resuming on Thursday
had previously weighed heavily on the market.
Still, there has not been a sustained rally or fall in
prices in recent months, though both oil benchmarks are down
more than 20% from April peaks.
"The oil market is neither bullish nor bearish. It is not
trending. It has no reason or excuse to trend," said Tamas Varga
of oil brokerage PVM.
"It would be stretching it to say that the market is
paralysed, but it is in a stalemate. No one is willing to commit
to either direction."