Argentine stocks closed down 6.26 percent Monday, with energy companies leading the losses after US oil prices dipped below $50 a barrel for the first time since 2009.

The Merval stock index closed at 8,123.70 points, with Argentine state oil company YPF losing 7.01 percent and Brazilian oil giant Petrobras losing 10.77 percent.

Argentina is a natural gas producer with good oil prospects, but currently remains a net oil importer. While some businesses benefit from cheap fuel, oil firms are already a major factor in the Buenos Aires stock exchange.