While the tank in question may (or may not) have contained oxygen, the presence of oxygen is not necessary to account for the fatality of this accident. A sudden catastrophic release of pressure in an enclosed space results in an overpressure that can be fatal. Such an expanding pressure wave can cause a brief impulse in which the pressure can climb to fatal limits before exploding windows and doors dissipate the pressure.
If we assume that the tank contained 40L of air (56 cu ft) and that tank exploded in the middle of an apartment that was a spacious 6000 cu ft, the overpressure would be (56/6000) x 101.325 kPa = 0.94 kPa which is likely not be enough to kill someone. However, if instead we assume that he was carrying the tank down a hallway where the door (at one end) and his body (at the other end) formed a partial barricade to the expanding gases, the effective volume of the room would be reduced to, say, a cube 8 ft high, 4 ft wide, and 6 ft long (192 cu ft). The resulting overpressure is (56/192) x 101.325 kPa = 30 kPa - a pressure regime where walls are destroyed and fatalities occur. These rough estimates can't tell us why the tank ruptured, nor can they tell us what was inside the tank, but air could have been sufficient.
One more educated guess -- unless it is a solo diver's pony, no one uses 40cf for air. This guy was a reported deep / cave diver. Don't know any that would use a 40 for anything other than Oxygen for deco.
Cave / deep divers?