Switzerland, which has so far taken a lighter touch to restricting business and public life, said it will close shops selling non-essential supplies from Monday.
Consumer prices are expected to run hotter in a couple of months when March and April of 2020, which saw very low inflation, fall off the yearly reading.
Crude inventories in the US dropped by 5.8 million barrels last week to around 484.5 million barrels, data from the American Petroleum Institute showed late on Tuesday.
There are also mounting fears that travel plans for hundreds of millions of people for the Lunar New Year next month may be ruined as virus controls tighten.
Brent crude rose 28 cents to $54.58 a barrel by 11:35 a.m. EST (1635 GMT) after touching $54.90, a fresh high not seen since before the first COVID-19 lockdowns in the West.
Oil prices extended gains after soaring nearly five percent Tuesday on news that Saudi Arabia had offered to cut output by a million barrels in both February and March.
Two sources from OPEC+ producers said Saudi Arabia would cut output by more than 400,000 barrels per day (bpd) in the next two months on top of its existing cuts.
Brent crude was up 44 cents, or 0.9%, at $51.30 a barrel by 1650 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 51 cents, or 1.1%, to $48.13 a barrel.
Shares of Wipro Ltd rose as much as 3.65%, after the IT services provider on Tuesday signed a $700 million deal with METRO AG to manage METRO AG's units in Germany and Romania.
The pan-European STOXX 600 index finished up 1.2% on broad-based gains, recovering from a more than 2% slide in the previous session, which was also its biggest one-day drop in nearly two months.
South Africa said on Friday a virus strain similar to the one reported in the United Kingdom was driving a second wave in the country, prompting some countries to include South Africa in their travel bans.
The Korea Disease Control and Prevention Agency (KDCA) reported 1,053 infections of the new coronavirus, a record fourth consecutive day of more than 1,000 cases.