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NEW YORK - Oil prices fluttered near $56 a barrel in a volatile trading session that pitted gnawing doubts about global demand with supply threats from the Middle East and elsewhere.

Futures were little-changed in New York, despite dueling rallies and slumps throughout the day. Crude had climbed higher after Mexico’s state-run oil company said crude output fell about 10% in the second quarter, adding to tensions after Iran reportedly tested a medium-range ballistic missile in the Persia Gulf region.

Earlier, prices slumped after White House economic adviser Larry Kudlow said the U.S. had ruled out intervention in foreign-exchange markets. The Bloomberg dollar index jumped to the highest in more than a month, discouraging sales of barrels priced in the currency.

“The market is leaning into the upside, probably pricing in a little more geopolitical risk premium,” said Phil Flynn, a senior markets analyst at Price Futures Group Inc. “People are going to be hesitant to be short over the weekend with all the Middle East tensions.”

Crude remains down for the month amid fears about sluggish demand growth. The U.S. Commerce Department on Friday said gross domestic product expanded by an annualized 2.1% rate in the second quarter as trade disputes sapped exports and business investment. Growth was down from the first quarter although still better than forecast.

“The headline number looks OK but the underlying statistics reflect the weakness,” said Cailin Birch, a global economist at the Economist Intelligence Unit in London. “It’s a sign that economic growth is definitely slowing, so the question is when do we start to feel the real pain?”

West Texas Intermediate for September added 11 cents to $56.13/bbl at 1:08 p.m. on the New York Mercantile Exchange. It’s up 0.7% for the week.

Brent for September settlement gained 4 cents to $63.43 on the ICE Futures Europe Exchange. The global benchmark traded at a $7.34 premium to WTI.

While U.S. crude stockpiles dropped by 10.8 MMbbl last week -- offering a sign of shrinking supplies -- the large decline was mostly attributed to the short-term impact of Hurricane Barry, which halted output from parts of the Gulf of Mexico. Nationwide production slid the most since October 2017.

Iran test-fired a ballistic missile that traveled 1,000 kilometers (620 miles), escalating tensions after a series of attacks on tankers and drones. The Shahab-3 missile didn’t pose a threat to shipping in the region, CNN Pentagon correspondent Barbara Starr tweeted, citing an unnamed U.S. official.