Some global storage facilities are nearing capacity suggesting a lingering oversupply problem despite deep cuts by major oil-producing countries.

Canada's benchmark stock index inched higher thanks as oil prices moved up.

Major equity indexes are rallying amid news that the U.S. Congress is nearing a deal on a massive economic stimulus package.

The S&P/TSX composite index lost 632.32 points or 5.3 per cent on the day to close at 11,228.49.

Markets reopened after the weekend to an altered business landscape as lockdowns and closures intended to halt the spread of the new coronavirus expanded to include many cities around the world and the number of people infected surged past 300,000.

After starting the day stronger, markets dropped to end the week down by double digits compared to last week.

The losses followed a more than 1,300 point decline Wednesday in the Dow Jones Industrial Average, which has now lost nearly all of its gains since President Donald Trump’s inauguration.

Global stock markets sank Wednesday in a third day of wild price swings after U.S. President Donald Trump promised aid to get the U.S. economy through the coronavirus outbreak.

Markets rebounded in early trading after the worst sell-off since 1987.

Morneau promised his ministry and the rest of the federal government were working with their partners at home and internationally on a coordinated response.