The Russian ruble is tumbling

The Russian ruble is weaker on Monday.

The petro-currency was down by 0.9% at 58.2712 per dollar at 7:58 a.m. ET.

Earlier in the day, oil was under pressure.

Prices fell before bouncing back, weighed down by high supplies despite the initiative by major producers to cut output in an effort to tighten the market.

As for the rest of the world, here's the scoreboard as of 7:59 a.m. ET:

• The euro is little changed at 1.1192 against the dollar. Earlier in France, President Emmanuel Macron's party won a clear parliamentary majority. The BBC reports that with nearly all votes counted, his La République en Marche, alongside its MoDem allies, won more than 300 seats in the 577-seat National Assembly.
• The British pound is little changed at 1.2791 against the dollar as Brexit negotiations officially begin. David Davis, the UK's Brexit minister, on Monday is set to meet with the European Union's chief negotiator, Michel Barnier, in Brussels for the first day of what he described as "historic" talks to set Britain on the road to leaving the EU. According to polls, the majority support a softer Brexit.
• The US dollar index is little changed at 97.13 ahead of a quiet day.
• The Australian dollar is down by 0.2% at .7609 per dollar.