The extreme volatility in energy markets highlighted investors' broad concerns about the duration of the coronavirus pandemic and its impact on the economy, weighing on financial markets more broadly.

The Middle East, already wracked by high numbers of unemployed youth, unrest, conflict and large numbers of refugees, will sink into a recession this year sparked by the double shock of the coronavirus outbreak and low oil prices, the International Monetary Fund said Wednesday.

The S&P/TSX composite index closed up 443.85 points or 3.1 per cent to 14,958.09 after losing 1,660.78 points on Monday.