CORRECTED-Oil edges down; eyes on data amid trade deal hopes

(Corrects prices in paragraph 3)
* U.S.-China progress trade talks, may sign deal in Nov
* U.S. rig count drops for 2nd week in a row
* Saudi Aramco kick-starts IPO, provides few details

By Florence Tan
SINGAPORE, Nov 4 (Reuters) - Oil prices eased on Monday as
traders remained cautious ahead of fresh European and U.S.
economic data, despite hopes for some resolution to the
U.S.-China trade row that has hurt global economic growth and
crimped energy demand.
Prices jumped more than 3% on Friday after the world's two
largest economies said they had made progress on trade talks
while U.S. officials said the deal could be signed this month.
Brent crude futures for January LCOc1 fell 27 cents to
$61.42 a barrel by 0125 GMT while December U.S. crude futures
CLc1 were at $55.94 a barrel, down 26 cents.
Traders may be taking profits on oil ahead of uncertainty
around macro-economic data and U.S. oil inventory reports,
Stephen Innes, Asia Pacific market strategist at AxiTrader said.
"I think the trade talk continues to improve sentiment but
... Asian oil traders want more convincing data from the macros
side" before supporting oil, he said.
The European Union and the United States are set to announce
manufacturing data on Monday.
Still, a fall in the U.S. rig count for a second week in a
row and a stellar U.S. jobs report supported oil prices last
week. Independent producers cut spending after record production
weighed on the outlook for energy prices. Also underpinning U.S. crude prices was a shutdown of the
Keystone pipeline that sends Canadian heavy crude to the United
States. Owner TC Energy Corp TRP.TO said on Friday work was
underway to plug the pipeline in North Dakota. Production cuts by the Organization of the Petroleum
Exporting Countries (OPEC), Russia and other producers - a group
known as OPEC+ - since January to reduce oil output by 1.2
million barrels per day are also propping up prices.
Still, Russia again missed its output cut target in October,
energy ministry data showed on Saturday. C-RU-OUT OPEC's output recovered in October from an eight-year low
after a rapid rebound in Saudi Arabia's production from attacks
on its oil infrastructure in September offset losses in Ecuador
and voluntary cuts under the pact. OPEC/O
Protests at Iraq's main Gulf port Umm Qasr on Saturday
blocked the country's food imports but did not affect the
second-largest OPEC producer's oil exports, which take place
mostly from nearby offshore platforms. Saudi Aramco finally kick-started its initial public
offering (IPO) on Sunday, but offered scant details on the
number of shares to be sold, pricing or the date for a launch.