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SYDNEY -- Asian shares may rise on Wednesday after surprisingly strong sales at embattled automaker General Motors helped lift Wall Street, though continued concerns about high oil prices may remain a dampener.

Oil prices rose on Tuesday on forecasts global supplies will struggle to keep pace with demand and concerns tensions between Israel and Iran could lead to a disruption of exports from the OPEC nation.

Those strong oil prices may boost shares in energy firms such as Japan's Inpex Holdings and Australia's Woodside Petroleum Ltd.

US stock had fallen early on Tuesday as high oil prices dragged down US car sales while tough credit conditions threatened the financial sector.

However, it turned positive in afternoon trade following GM's stronger-than-expected June sales and as financials reversed earlier losses as investors scoured for bargains.

Asian stocks listed on Wall Street fell 1.0 percent overnight, while the MSCI's measure of Asia Pacific stocks excluding Japan lost 1.2 percent on Tuesday.

• China wants new global monetary system
• Solons caution gov’t on privatization