Chinese shares up 1.5 percent in morning

Chinese share prices were higher in Wednesday morning trade as a sharp decline in oil prices eased concerns over rising fuel costs, dealers said.

Tumbling oil prices fuelled a rally in oil refiners, airlines and other transportation stocks, giving investors some respite amid fears that oil prices would hurt corporate earnings and increase inflation, traders said.

New York's main oil futures contract, light sweet crude for August delivery, fell 5.33 dollars to close at 136.04 dollars a barrel overnight.

The benchmark Shanghai Composite Index, which covers A and B shares, was up 42.30 points, or 1.50 percent, at 2,857.24.

The Shanghai A-share index rose 44.52 points, or 1.51 percent, to 2,996.96, while the Shenzhen A-share index added 9.01 points, or 1.00 percent, to 908.11.

(Agencies)