The Australian share market has plunged for a second day, falling to nearly a two-week low as US oil futures collapsed into negative territory.

The S&P/ASX200 benchmark index closed Tuesday down 131.7 points, or 2.46 per cent, to 5,221.3 points, while the All Ordinaries index was down 134.5 points, or 2.45 per cent, to 5,353.0 points.

The Australian dollar was buying 63.22 US cents, down from 63.62 US cents at Monday’s close.