NEW YORK (TheStreet) -- Crude oil prices continued to receive support from unrest in the Middle East and North Africa regions.
West Texas Intermediate crude oil for May delivery rose 1.9% to $105.02 a barrel.
Oil price support was provided as allied military action against pro-Gaddafi forces in Libya continued -- though the fighting is expected to subside over the coming days -- and amid the exchange of fire between Israel and Gaza. The support came as the Japanese government approved the release of an additional 22 days worth of oil reserves to aid areas of the country damaged by the tsunami and earthquake.
Grain prices ended the session lower amid technical profit-taking on a lack of fresh fundamental data. MaxYield Cooperative Karl Setzer, CTA Grain Solutions Team Leader said the action began last night and carried over into Tuesday's trading session. Corn for May delivery fell 0.3% to $6.84 1/2 a bushel as China denied purchasing U.S. corn. "Maps were released this morning that call for an abnormally cool spring across much of the Western Corn Belt," Setzer noted. "In all reality, this may actually be a benefit. The slower we see temperatures rise this spring, the lower the possibility of flooding ... soybeans being pressured today by thoughts we may see an increase to acres of that oilseed if we have delays to corn planting. " Soybeans for May delivery fell 0.07% to $13.62 a bushel.
Cotton prices rebounded Tuesday on forecasts of heavy rain in Australia, settling up 7 cents -- the exchange-imposed limit on daily trading.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV