David Cameron

British government officials on Friday took shots at the Obama administration for the barrage of criticism it is leveling at BP PLC (NYSE ADR: BP) over the Gulf oil spill, sparking a rally in its beaten-down shares, even as it weighs cutting or deferring its dividend.

In an apparent swipe at the U.S. President's comments about the British company, Deputy Prime Minister Nick Clegg insisted finger-pointing is unhelpful, "I don't, frankly, think we will reach a solution to stopping release of oil into the ocean any quicker by allowing this to spiral into a tit for tat political diplomatic spat," Clegg told the Daily Mail.

Britain's Chancellor of the Exchequer George Osborne also backed BP with a statement after speaking to BP chief executive Tony Hayward by telephone. "We are all concerned about the human and environmental impact and as the prime minister has said we understand the concerns of the U.S. administration," Osborne told Reuters.