World oil prices hit yet another record high in Monday's trading.

The cost of a barrel of oil for future delivery rose as high as $103.95 a barrel in New York.

Oil is priced in dollars, so the falling value of the dollar contributes to the rising price of oil.

Members of the Organization of Petroleum Exporting Countries are scheduled to discuss oil prices and supplies at a meeting Wednesday in Vienna, Austria. The cartel controls about 40 percent of the world's oil supply.

Some information for this report was provided by AFP, AP, Reuters and Bloomberg.