World oil prices hit a new record in Wednesday's trading, hitting $99.29 a barrel before easing downward.

That is 67 cents above the previous record, which was set on November 7.

Traders say the soaring prices stem from the declining value of the U.S. dollar and worries about the supply of oil in the Northern Hemisphere as winter approaches.

A U.S. Energy Department report Wednesday says the amount of oil available in the United States declined slightly last week by a bit more than one million barrels, to a total of nearly 314 million barrels.

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