US stocks closed in the red on Tuesday, as the oil market collapse weighed on markets and investor sentiment for a second straight day. The three main US benchmarks posted their worst days since April 1.

Concerns about oil storage availability amid weaker demand for the commodity has driven prices down. While the May US oil contract, which settled in negative territory Monday, rallied back before expiring, both the June contract and the global benchmark Brent traded lower.

"Earnings took a bit of a backseat on Monday but that will change over the coming days as more companies report, including some big tech names," said Craig Erlam, senior market analyst at Oanda.