Crude Oil Futures Back Over $42

May Crude Oil futures are trading higher by $1.80 at $42.16 in Tuesday's session. Once again, rumors of production cuts have sent the contract soaring.

As the issue was hovering just above unchanged ($40.36), the rumor hit the wires and exploded to the upside. It quickly sliced through the remainder of the $40 handle and worked its way through the $41 handle before finding intra-day resistance at $42.25. That is just shy of its March 18 high of $42.49. Since making that high, it has refused to fall back under $42.