The share market has closed lower for a second straight day because of falling oil and iron ore prices.

At the close on Tuesday, the benchmark S&P/ASX200 index was down 18 points, or 0.33 per cent, at 5,404.7, while the broader All Ordinaries index was down 17.4 points, or 0.32 per cent, at 5,382.1, according to preliminary figures.

On the ASX 24, the March share price index futures contract was 33 points lower at 5,352, with 21,410 contracts traded.