Evening Wrap: Oil at $103.79 Tells You Everything the Tadawul Won't

WTI settled at $103.79 a barrel this evening, up 1.49 percent on the day. That is the number that matters. Everything else on my screen is a footnote to it.

The Tadawul closed at 10,982.30, a polite 0.24 percent higher. If you knew nothing else about today, you would assume Riyadh had enjoyed a quiet Tuesday.

It did not. The TASI's composure, in the face of the headlines crossing the wires this week, is the single most interesting data point in the Gulf right now.

Let me walk you through what…