Brent eases to $110, on track for highest weekly close in ?14:

Brent crude oil slipped towards $110 a barrel on Friday but remained on course for its highest weekly close this year, as supply disruptions in Africa tighten the market. US benchmark West Texas Intermediate was heading for its sixth straight weekly rise and its discount to Brent has shrunk to the narrowest in four months, as a new pipeline helps drain supplies from WTI?s delivery point at Cushing, Oklahoma. Prices faced some pressure on signs Iran substantially increased crude oil exports to China and India in January, though total exports from the Islamic Republic remain constrained by Western sanctions.

Brent crude for April delivery was down 16 cents at $110.14 a barrel by 0938 GMT, having hit a seven-week high of $110.82 on Wednesday. US crude futures for April delivery dropped 12 cents to $102.63. Brent?s premium to US crude narrowed to as little as $7.09 in the previous session, its tightest since Oct. 9, and was around $7.50 a barrel on Friday. Data from the US Energy Information Administration on Thursday was mixed for oil as Cushing crude stocks fell 1.73 million barrels in the week to Feb. 14, while the country?s overall crude inventories rose almost 1 million barrels.

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