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| - World stock markets rallied Tuesday on moves to ease coronavirus lockdown measures, but US oil prices struggled to keep above $10 per barrel. Equities rebounded as several nations began to ease lockdowns, with some light at the end of the tunnel after weeks of volatility caused by the COVID-19 pandemic. Unveiling a scaling down of restrictions from May 11 French Prime Minister Edouard Philippe notably said Tuesday shops could reopen on that date although people who can work from home should continue to do so. New York's West Texas Intermediate oil tanked more than 21 percent to $10.07 after a major US exchange-traded fund started selling its short-term contracts of the commodity -- albeit putting on a minor spurt past $12 as US markets geared up to open. "Equities are rallying and oil is crashing, so it must be another normal day in this topsy-turvy market," observed analyst Chris Beauchamp at trading firm IG. In extraordinary times, said Beauchamp, "the focus is on the slow but steady move out of tight lockdown policies across the globe." Milan Cutkovic, market analyst at AxiCorp, concurred, saying although equity markets remain in "risk-on mode," the COVID-19 pandemic is "no longer the negative headlines that dominate daily life" as investors focus on a return to wider economic activity. While data is beginning to highlight the impact coronavirus has had on economies, equities have been buoyed in recent days by news that some of the worst-hit countries are finally seeing infection and death rates slow to levels not seen for a month. At the same time, profit-taking and concern that some containment measures could be lifted too soon -- leading to a possible second wave of infections -- are tempering any surge across markets. Those concerns were highlighted by data out of Germany on Tuesday showing a slight pick-up in transmission just as the country was beginning to open up. WTI crude for June delivery suffered an initial double-digit percentage drop, having already plunged 25 percent Monday, amid storage concerns and as COVID-19 strangled demand. Pessimism was part driven by the United States Oil Fund -- a massive, oil-backed exchange-traded fund (ETF) -- saying it would sell all its holdings in the contract for June delivery. By investing in longer-dated contacts, the fund's move put pressure on the June contract, analysts said. The move highlighted continued concerns that storage is filling up and that when futures contracts do expire, buyers may find there is little space to put the oil they have purchased. "Oil is back in focus, with the June WTI contract plunging again as the largest US oil ETF plans to offload all of its holdings of the contract in the coming days and instead buy up longer dated contracts," OANDA analyst Craig Erlam told AFP. "I am sure they are not the only ones that have learned the lessons of last week and opted to avoid another episode in the coming weeks," said Erlam, flagging "downside pressure on prices in the near-term." Demand for the commodity has collapsed owing to lockdowns and travel restrictions imposed worldwide to fight the virus. WTI tanked below zero for the first time last week, hitting a low of minus $40.32 per barrel on April 20 as investors paid buyers to offload it before the expiry of the May contract. New York - Dow: UP 1.3 percent at 24,434.77 London - FTSE 100: UP 2.2 percent at 5,976.90 points Frankfurt - DAX 30: UP 2.16 percent at 10,890.77 Paris - CAC 40: UP 2.1 percent at 4,601.36 Milan - FTSE MIB: UP 3.0 percent at 17,911.71 Madrid - IBEX 35: UP 1.8 percent at 6,854.50 EURO STOXX 50: UP 2.4 percent at 2,951.07 Tokyo - Nikkei 225: DOWN 0.1 percent at 19,771.19 (close) Hong Kong - Hang Seng: UP 1.2 percent at 24,575.96 (close) Shanghai - Composite: DOWN 0.2 percent at 2,810.02 (close) West Texas Intermediate: DOWN 2.1 percent at $12.51 per barrel Brent North Sea crude: UP 5.15 percent at $21.02 per barrel Euro/dollar: UP at $1.0857 from $1.0829 at 2100 GMT Dollar/yen: DOWN at 106.71 yen from 107.25 Pound/dollar: UP at $1.2454 from $1.2431 Euro/pound: DOWN at 87.11 pence from 87.12 pence burs-rfj/cdw/lc
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