Shares in British oil company BP fell 4.9 percent on Wednesday on concern over its dividend payment, as it continued battling to contain an oil spill in the Gulf of Mexico.

The cost of protecting BP debt against default also rose sharply, with the five-year credit default swap widening 55 basis points to 315 basis points, a trader said.

BP's five-year CDS has more than tripled from 101 basis points since the end of May.

U.S. politicians have put pressure on BP to suspend its dividend payment to pay for legal claims and environmental damage in the Gulf of Mexico.

(Reporting by Joanne Frearson, Harpreet Bhal and Natalie Harrison; Editing by Dan Lalor)

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