All U.S. airlines are seeking government money to help them weather what they say is the worst crisis in the industry's history.
For consumers, the turmoil in oil contracts will not mean negative prices at the gas pump, however - though gas prices in many states remain at multi-year lows, with stations in at least 13 states selling gas for less than $1 a gallon. The more actively traded June contract was up 4.89% at $21.43 a barrel. That has traders willing to pay others to take delivery of that oil in May, so long as they also take the burden of figuring out where to put it. The Wall Street Stocks witnessed a fall in stocks as well with S&P 500 down 1.2%.
The financials index fell 1.9% as the flight from risk sent investors scurrying to the perceived safety of bonds and the dollar.
Traders are still paying $20.43 for a barrel of USA oil to be delivered in June, which analysts consider to be closer to the "true" price of oil.
MSCI's gauge of stocks across the globe shed 1.15 percent, following broad declines in Asia and slight gains in Europe driven by the healthcare sector.
The Dow was down more than 600 points, or 2.6%, while the S&P 500 dropped 3% and the Nasdaq fell 3.4%.
European markets were modestly higher The German DAX was up 0.5 per cent, the French CAC 40 was up 0.7 per cent and the FTSE 100 in London gained 0.7 per cent.
The spot price for Brent crude oil fell 6.9 percent to US$26.14 a barrel at 8am in Wellington.
Overseas, in Japan, the Nikkei 225 doffed 2% Tuesday, while in Hong Kong, the Hang Seng Index slipped 2.2%.
Israel's Netanyahu, Gantz agree emergency unity govt
Many had speculated that Netanyahu would capitalise on Gantz's weakened position to take Israel to a fourth election in 18 months. His decision led to the break-up of Blue and White, the centrist alliance he led. "You don't fight corruption from within.
The yield on 10-year Treasuries held at 0.61%.
The oil market has been decimated so far in 2020 by a price war between Russian Federation and Saudi Arabia, and coronavirus-related social distancing lockdowns across the world which have slashed oil and gasoline demand to nearly zero.
Wall Street's major averages closed sharply lower on Monday as market sentiment was dented by a historic drop in USA crude prices.
More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.
The benchmark index remains nearly 17 per cent below its February record high, and analysts have warned of a deep economic slump from the halt in business activity and millions of layoffs.
Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted.
That may be too optimistic.
"Such low prices will not last and the pressure on storage will likely force OPEC+ into further production cuts in order to boost prices".
Investors continued to monitor the coronavirus pandemic and the country's plan to reopen the economy.