The latest price climb has been fuelled by a spate of refinery accidents in the US. But the trend also reflects growing signs of economic recovery round the world, boosting prospects for energy demand. However, recovery hopes still look frail and fragile in the UK as minutes of the Bank of England's Monetary Policy Committee released today showed that the MPC voted unanimously for a further £50 billion boost to monetary stimulus, or 'Quantitative Easing' (QE). Fire struck gasoline making units at two US refineries this week, triggering a spike of roughly 8 per cent in US gasoline futures. US crude rose 52 cents to $60.62 a barrel. London Brent rose 39 cents to $59.31. Oil prices have been on an upward trend since mid-April on equity-led rallies. They have recovered from below $33 in December after a plunge from record highs above $147 in July. On Tuesday after oil markets closed industry group the American Petroleum Institute (API) released data showing US crude stocks fell by a much larger than expected 4.5 million barrels in the week to May 15. And a Reuters poll showed government data due today was expected to show US crude stockpiles fell last week by 200,000 barrels, with gasoline inventories down by 1.2 million barrels and distillate stocks up 1.0 million barrels. Commodities markets have closely tracked the stock market in recent months as dealers searched for signs of an end to the economic downturn. Tokyo’s Nikkei average was up 0.59 per cent, shrugging off data that showed Japan suffered a record contraction in the first quarter. Oil data out of Tokyo, centre of the world’s No. 2 economy, also showed gasoline inventories at their lowest level since September 2007 and kerosene stocks declining to a near three-year low in part due to strong sales. All nine members of the MPC voted earlier this month to expand the quantitative easing programme by £50 billion after considering an even bigger boost to pull Britain out of recession. Minutes of the MPC’s May 6-7 meeting showed policymakers were unanimous on leaving interest rates at 0.5 per cent and mulled extending their asset-buying programme by the maximum £75 billion pounds permitted by the government. Gilt futures pared losses as analysts said the central bank could still boost its asset-buying programme further in the coming months. "I think they will for the full 150 billion pounds of QE and do it as soon as possible," said Amit Kara, UK economist at UBS. The BoE cut interest rates to their lowest level on record in March and started an unprecedented 75 billion pound programme of asset purchases to keep credit flowing as Britain faces its bleakest economic outlook in 60 years. The government has given it permission to go up to £150 billion of asset buying and BoE Governor Mervyn King could ask for leeway to do more.