Oil prices ticked higher on Wednesday after the International Energy Agency said the global oil surplus was starting to shrink due to robust global demand and an output drop from OPEC and other producers. U.S. West Texas Intermediate (WTI) CLc1 was up 11 cents, or 0.2 percent, at $48.34 a barrel at 0944 GMT after dropping earlier in the day. International benchmark Brent crude LCOc1 was up 13 cents, or 0.2 percent, at $54.40 a barrel. “Based on recent bets made by investors, expectations are that markets are tightening and that prices will rise, albeit very modestly,” the IEA, which coordinates energy policies in industrialised nations, said in its monthly report. “Demand growth continues to be stronger than expected, particularly in Europe […]