The daily business briefing: June 8, 2016

1. Oil prices rise to a 2016 high as U.S. stockpiles shrink

Oil prices jumped by more than 1 percent to hit 2016 highs above $50 a barrel on Tuesday on anticipated reductions in domestic stockpiles, and pushed a bit higher still early Wednesday. Concerns over possible supply cuts due to attacks on Nigeria's production facilities also helped push up prices. U.S. crude stocks probably dropped by 2.7 million barrels last week, the third straight weekly drop. The news helped the S&P 500 Index rise Tuesday to its highest level since last July, with U.S. stock futures inching up again early Wednesday.

Reuters MarketWatch

2. Republican unveils proposal to replace Dodd-Frank financial reforms

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) on Tuesday unveiled a Republican proposal to replace President Obama's Wall Street reform law, Dodd-Frank. "Simply put, Dodd-Frank has failed," he said. "It's time for a new legislative paradigm in banking and capital markets." Democrats called the GOP plan a giveaway to big banks. "We cannot allow Republicans to take us back to the depths of the financial crisis by weakening regulatory oversight and giving banks the tools to game the system once again," said Rep. Maxine Waters (D-Calif.).

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The Hill

3. Oklahoma police find no evidence oilman Aubrey McClendon's death was suicide

Oklahoma City police said Tuesday they had completed an investigation into the death of pioneering oilman Aubrey McClendon without finding any evidence he intended to commit suicide. McClendon died when he slammed his Chevy Tahoe into a bridge abutment on March 2. He was indicted a day earlier on charges of rigging bids for oil lands, which he denied. Police Captain Paco Balderrama said investigators had no reason to "believe this was anything other than a car accident," although "we will never know what his state of mind was."

Reuters

4. Amazon announces $3 billion additional investment in India

Amazon CEO Jeff Bezos announced Tuesday that the e-commerce giant plans to invest an additional $3 billion in India. Bezos announced the move in a meeting with Indian Prime Minister Narendra Modi and business leaders in Washington. He said Amazon sees "huge potential" in the economy of the world's second most populous country after China, where Amazon has struggled to gain market share. The infusion will bring Amazon's total investment in India to $5 billion.

MarketWatch International Business Times

5. Hacker briefly takes over NFL Twitter account

The NFL said Tuesday that somebody had hacked its Twitter account and falsely posted that commissioner Roger Goodell had died. The tweet said, "We regret to inform our fans that our commissioner, Roger Goodell, has passed away. He was 57. #RIP." It was deleted after just minutes. "We have engaged law enforcement to look into the matter," said Brian McCarthy, NFL vice president of communications. "We are reviewing and strengthening our cyber-security measures."

ESPN