Wall Street is facing another rough day with the main stock indices down sharply on Tuesday. The fall occurred as oil prices continued to get crushed amid fears that crude storage tanks are running out of space.

The Dow Jones Industrial Average dropped more than 500 points or two percent after the opening bell. The Nasdaq Composite was down around 100 points or more than one percent, while the S&P 500 index was losing around 1.7 percent.

The losses come amid a historic collapse of the price for US crude benchmark West Texas Intermediate (WTI), with May futures contract prices closing at -$37.63 per barrel in value on Monday. While the price for the contract jumped on Tuesday and briefly traded above zero, it then fell again to -$5 per barrel.

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Source: RT