Shafaq News / World oil prices increased at dawn on Thursday, hours after the European Central Bank announced a program to reduce economic repercussions due to Corona pandemic.

Texas Intermediate crude oil rose 16 percent.

The European Central Bank (ECB) announced on Wednesday evening, launching a 750-billion-euro program for the purchase of public and private loans, in a sudden step by which it seeks to reduce the economic repercussions of the emerging Corona Virus pandemic.

The bank said in a statement issued at the end of a meeting of its governing council held over the phone that the " pandemic emergency purchase program" will be temporary and will continue until "the bank decides that the stage of Corona-Covid-19 virus crisis has ended, but in any case not before the end of the year."

The ECB’s decision comes just six days after it adopted a package of stimulus measures that were unable to allay fears in the markets.

The ECB said in its statement that it is "committed to playing its role in supporting all citizens in the euro zone in these difficult times."

He added that "the Board of Governors will do everything necessary within the framework of the mandate given to it," noting that the purchase can be increased if necessary.

The bank also expressed its willingness to ease some of the restrictions it imposes on the purchase of bonds, to help countries whose bond yields have declined due to the fear of Corona virus.

In the past few days, experts attacked the European Central Bank for not doing enough to support the euro zone compared to the drastic measures taken by the US Federal Reserve.

The European Central’s new move was immediately welcomed.

Friedrich Ducruzse, chief expert at Pictet Wealth Management office, said the ECB’s latest recipe could “change the equation for the euro zone economy and credit markets” if it is accompanied by a movement at the tax level in euro zone countries.