Business news digest

NATION

Wells Fargo may need to shore up finances

WASHINGTON — Regulators have told Wells Fargo & Co. it may need to shore up its finances after government “stress tests” showed the bank would have trouble surviving a deeper recession.

Wells Fargo is one of several banks that regulators said would need larger buffers to protect them against possible future losses, according to two sources. The initial stress-test results were revealed to the banks last month. Wells Fargo has until Tuesday to convince officials the results were mistaken and that the bank does not need to adjust its finances.

Energy demand in China pushes oil prices higher

SIOUX FALLS, S.D. — Signs of increasing energy demand in China, the world’s second-largest consumer, pushed oil above $54 a barrel Monday, but concerns over the state of the economic recovery and the spread of the swine flu continue to hold prices in check.

Benchmark crude for June delivery gained $1.27 to settle at $54.47 a barrel on the New York Mercantile Exchange after settling at $53.20 on Friday.

Associated Press