Investing.com -- Traders offered to sell seven oil cargoes in a North Sea pricing window on Wednesday, while only two bids were placed and later withdrawn, according to traders monitoring the S&P Global unit-run window.

This marked the first time offers exceeded bids since March 16, representing a shift in market dynamics.

The activity contrasts with last week's trading pattern, when buyers dominated with more than 40 cargo bids against only four offers, pushing physical prices well above futures benchmarks.

One Wednesday offer came in more than $3 lower than Tuesday's level, indicating declining premiums for certain grades. The premiums remain elevated compared to historical levels.