Crude oil futures in New York rose to a new record on Monday as traders invested in the commodity as a hedge against a falling dollar.

U.S. crude for delivery in April rose $1.62 or 1.54 percent to $106.77 a barrel on the New York Mercantile Exchange at 12:09 p.m. Earlier, oil futures jumped to $107.44, the highest price since trading began 25 years ago.

Fears of an economic recession in the United States – the world's top consumer of oil - have caused the dollar and equity markets to fall prompting a wave of investments into commodities including oil.

On Friday, a report showed employers cut 63,000 jobs in February, raising worries of a recession since it was the biggest drop in five years.

Oil prices also rose last week Affecting after the Organization of Petroleum Exporting Countries said it would not increase crude output.

Brent crude was up today $1.97 or 1.91 percent to $104.76 a barrel on London's ICE Futures Exchange.