European shares bounced back slightly on Thursday as Mario Draghi, head of the European Central Bank, hinted at more rate cuts. A tentative stabilization in oil further helped soothe market volatility after a tumultuous few days that erased trillions of dollars in asset values.

Germany’s DAX, London’s FTSE and France’s CAC 40 were all up over 1% on Thursday.

Citing volatile stock prices and the dramatic slump in oil, Draghi noted that risks to the euro zone economy were growing, and that the ECB would be reviewing its interest rates, which are already at record lows, and its euro money printing program during its meeting in March.

Draghi stated that due to global market conditions, it has become “necessary” for the ECB to review and “possibly reconsider” its current monetary policy stance at its meeting in early March.

The soothing remarks helped push European shares higher and boosted U.S. futures prices. The Dow Jones and the S&P 500 opened slightly higher, up 0.6%, despite reports of an unexpected rise in jobless claim benefits.

Oil prices were also steadier on Thursday, holding at $28.20 for U.S. crude and $27.70 for Brent.

Meanwhile, the euro fell below $1.08 following Draghi’s comments. The currency also fell against the safe-haven yen.