There's the prospect of less oil on the markets and that tipped the odds in commodity traders' favor on Tuesday. 

A rally in energy stocks put a fire under the entire market, pushing the major averages nearer to record highs.

Major oilers Chevron (CVX) and Exxon Mobil (XOM) shares boosted the Dow Jones Industrial Average, while Royal Dutch Shell (RDS.A) , BP (BP) , and Total (TOT) pushed the S&P 500 higher. 

Over Tuesday's session, the S&P 500 added 0.27%, the Dow rose 0.5%, and the Nasdaq gained 0.35%.

The day's gains, though modest, put benchmark indexes closer to the record highs achieved in May. Stocks had returned to record-breaking territory after October's rally helped to overturn a pullback in August and September. The S&P 500 is less than 1% from its record close, while the Dow hovers less than 400 points from its own.

Crude could continue to pull the energy sector higher, though likely just in the short term. 

"Price action suggests the path of least resistance is higher for now," Scott Shelton, oil broker and commodities specialist at ICAP, told CNBC

Tuesday's bounce was tied to an oil worker strike in Brazil, which slowed daily output by 25% in the world's ninth-largest oil-producing region. Separately, a port blockage in Libya would likely limit its production to less than 400,000 barrels a day. West Texas Intermediate crude closed 3.8% higher at $47.90 a barrel on Tuesday.

"There's still not a lot of conviction. Oil's not breaking out here," said Pavel Molchanov, energy analyst at Raymond James, according to CNBC. "There's some value buying on the dip going on right now. There is nothing stunning coming out of the energy sector all of a sudden today."

West Texas Intermediate is down 40% from a year earlier. Prices have seen extreme pressure as global production levels reached new records, while international markets such as China and Europe showed weakening demand. 

Car sales enjoyed a double-digit bump in October. Fiat Chrysler (FCAU) posted a 15% jump in U.S. car sales in October. Its Jeep model, in particular, was a hot seller, posting a 33% sales spike. Sales were also boosted by an October with five weekends compared to four a year earlier.

General Motors (GM) also posted a better-than-expected October. The Detroit automaker reported a 16% increase in car sales compared to an expected 12% increase. Ford (F) sales rose 13.4% last month. However, the reading was slightly lower than an expected 14.2% increase in sales.

In earnings news, Sprint (S) said its second-quarter loss widened from a year earlier to 15 cents a share from a penny a share a year earlier. Analysts had expected a net loss of 7 cents. The telecom generated revenue of $7.98 billion, below estimates of $8.12 billion. 

Kellogg (K) fell after quarterly sales dropped 9% on a stronger U.S. dollar. Likewise, Archer Daniels Midland (ADM)  slipped after a stronger dollar and weaker ethanol profit margins contributed to the below-consensus results.

AIG (AIG) slid after missing quarterly estimates by a mile. The insurance company earned 52 cents a share, nearly half estimates of $1.03. The company is facing increased pressure to address structural problems after activist investor Carl Icahn pushed for a breakup.

In deals news, American Eagle Outfitters (AEO) jumped after announcing it had acquired Tailgate Clothing Company for $11 million, a sports line that aligns with the retail chain's brand.

King Digital (KING) spiked after Activision Blizzard (ATVI) agreed to buy the video game maker in a deal worth a total $5.9 billion. The acquisition brings together Activision, the maker of popular role-playing game Call of Duty, with the creator of mobile app game Candy Crush.

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