Oliver shaved 0.01 second off the American record last week at the Paris Diamond League meet where he clocked 12.89, just 0.02 short of Dayron Robles' world record.
"I am in a great groove right now," Oliver wrote on his blog.
"For those hurdle aficionados, you know that when you are in a groove, whether it's a good one or a bad one, it is hard to get out of it. Whatever groove I'm in, I hope I never come out of it."
The powerfully built Oliver posted the fastest time this year in Paris, just two weeks after equalling Dominique Arnold's previous American record at the Prefontaine Classic.
Only two men have run faster than Oliver in the event, Robles (12.87) and Liu Xiang (12.88).
Oliver, whose website states that his personal goal is to one day set a time of 12.85, will largely run against the clock in Monaco after Robles withdrew because of leg pains.
Robles also pulled out of the Paris meet with the same problem and the two men are not expected to go head-to-head before the London meet on Aug. 14.
Tyson Gay will also be missing his expected biggest rival in the men's 200 after fellow American Walter Dix withdrew from the meet.
Organizers said Dix did not agree to the financial terms he was offered.
Gay had been hoping to avenge his loss to Dix at the Prefontaine Classic. Gay, who was sidelined with a hamstring injury earlier this season, then bounced back with a win over Asafa Powell in the 100 at Gateshead this month.
Powell and Usain Bolt, the Olympic and world champion in both the 100 and 200, are both skipping the meet.
Oliver, the Olympic bronze medalist in Beijing, missed much of last season with a left calf injury but returned to take bronze in the 60-metre hurdles at the world indoor championships in Doha.
Oliver said he is not obsessed with breaking the world record and just hopes he will run a better race than in Paris, where he hit several hurdles on his way to victory.
"I don't really worry about the world record. If it happens, it happens, if not, that's fine too," he said. "I just want to win. If you don't win, you can't be great. I want to be great."
Just R20 for the first month. Support independent journalism by subscribing to our digital news package.