Oil prices have bumped up to $104 a barrel overnight in Asia in the wake of the OPEC agreement to return to late 2007 production levels. OPEC president Chakib Khelil said the move would amount to a cut of 520,000 barrels a day within 40 days. The move is seen by analysts as a compromise meant to avoid new volatility in oil prices. It also obviously reflects OPEC’s desire to halt the recent fall in prices. Not surprisingly, in the wake of the move, the USD is looking a little soft in early London trade.