* China Feb manufacturing activity slowest in 7 mths -HSBC
* Cushing stocks fall 1.8 mln barrels - API
* Brent-WTI spread narrowest since October
* Coming up: EIA weekly oil inventories data; 1600 GMT
LONDON, Feb 20 (Reuters) - Brent crude slipped towards $110 a barrel on Thursday after economic data pointed to slower growth in China, the world's second-largest oil consumer.
Oil eased along with Asian equities after manufacturing activity in China shrank in February to the lowest in seven months, while employment fell at the fastest pace in five years, a preliminary private survey showed.
"The market has corrected a bit, but is relatively supported by some new risks such as Venezuela," Olivier Jakob of Petromatrix said.
Brent eased 15 cents to $110.32 a barrel by 1441 GMT, after settling at its highest so far this year on Wednesday. U.S. crude edged down 20 cents to $103.11.
"For the moment the fundamentals are possibly starting to change and become less supportive for the current elevated oil price structure while the economic data from most locations around the world have been disappointing and starting to suggest a slowing of the global economy including China," said Dominick Chirichella of New York's Energy Management Institute.
April Brent's premium to U.S. crude, or WTI <CL-LCO1=R>, has fallen to the lowest since October after a new pipeline diverted excess supply from Cushing, Oklahoma, the WTI contract's delivery point, to the Gulf Coast. Robust heating demand this winter has also supported U.S. crude prices.
Crude stocks in Cushing fell by 1.8 million barrels in the week to Feb. 14, data from industry group the American Petroleum Institute showed. Traders are waiting for numbers from the U.S. Energy Information Administration later in the session for confirmation.
Political risks in Africa and Venezuela partially offset the negative impact on oil from the China survey. Domestic unrest has cut crude output in Libya and South Sudan, and dealers are keeping a watchful eye on protests in Venezuela.
"We see a risk that Venezuela starts to attract more media attention; that will then translate in more geopolitical hedging in oil futures," Jakob of Petromatrix said.
"We do not believe that Venezuela is fully priced in the oil markets as a risk factor."
Investors are also tracking Iran's nuclear talks.
Six world powers and Iran made a "good start" during talks in Vienna towards reaching a final settlement to the decade-old standoff over Tehran's nuclear programme, an EU official said.
A final resolution could lead to a full lifting of sanctions that have curbed oil exports from the OPEC producer.
(Additional reporting by Florence Tan; in Singapore; Editing by David Evans and Dale Hudson)