LONDON (Reuters) -- Oil fell back on Friday from its three-day bull run, paring nearly $2 in morning trade, but otherwise remaining on course to end the month up more than 4% from January, its first monthly gain since June 2008.OPEC production cuts and a bounce in U.S. demand for gasoline this week have pushed oil prices up, and analysts at JP Morgan said supply tightness meant "the crude market is finally in balance."
U.S. crude for April delivery was down 1.71 cents to $43.51 a barrel after closing at $45.22 on Thursday, a $2.72 jump.
"With the impact of OPEC production cuts clearly being felt in the markets, we anticipate continued bullishness in the coming week with refinery runs expected to rise sharply, resulting in a crude draw," JP Morgan analysts wrote in their Global Energy Strategy note.
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