Oil prices mixed; WTI crude records lowest closing in 2 weeks

Oil drilling rigs

Oil prices closed mixed after a volatile trading today, March 11, as markets await reports from the OPEC and the International Energy Agency this week.

Brent crude futures for May delivery rose 0.15%, or 13 cents, to close at $82.21 a barrel, after earlier falling to $81.08.

WTI crude for April delivery fell by 0.1%, or 8 cents, to $77.93 per barrel, after touching $76.79 during trading. The US crude recorded the lowest settlement since the February 26 session ($77.58).

"It seems that the Middle East conflict is not high on the list of driving forces of investors, as it has not led to meaningful supply disruptions," said Tamas Varga, Analyst at PVM, according to Reuters report.

"Instead, (the) focus is on the ailing Chinese economy and on rate cuts."

Investors are awaiting the release of inflation data in the United States this week, for indications about when the Federal Reserve may be able to cut interest rates, which will boost economic growth and in turn stimulate demand for energy.