Oil hit a six-week low on Wednesday, on expectations that U.S. government report will show one more increase in crude inventories. The U.S. government report due today is expected to show a rise in crude inventories for the ninth straight week, and declines in gasoline inventories are expected to stop as the refineries resume full-scale output after the maintenance ends.

May crude oil futures declined $0.47 to $51.39 a barrel.

The International Energy Agency’s latest report showing that predicted a slowdown in Chinese oil consumption due to slower growth.

"The April IEA report supports our belief that rising inventories, moderating demand growth and Saudi Arabia’s commitment to put more oil into the market will put downward pressure on oil prices," Merrill Lynch commented.

OPEC President Sheikh Ahmad al-Fahd al-Sabah said this week that the cartel will add 500,000 bpd to next month’s supplies. This hike will be added to the 500,000 bpd increase agreed upon on March 16.

``The market is pretty awash with crude,’’ said Paul Horsnell, head of energy research at Barclays Capital in London. He added that ``crude is going to continue to pour into storage. Everything is different from last year with OPEC raising production. They’d be happy to get prices below $50.’’