Oil prices dipped below $115 a barrel but remained near a three-month high on Thursday Jan. 31, 2013 as optimism about global economic growth boosted demand expectations, while concern over supply continued to underpin strength in the market.

"I wouldn't read too much into it (the dip in oil prices)," said Carsten Fritsch, an oil analyst at Commerzbank in Frankfurt, adding he expected oil prices to make further gains this week. Read more »