Widely regarded as an interesting model system for studying flow properties of blood, vesicles are closed membranes of phospholipids that mimic the cytoplasmic membranes of red blood cells. In this study we analyze the rheology of a suspension of vesicles in a confined geometry: the suspension, bound by two planar rigid walls on each side, is subject to a shear flow. Flow properties are then analyzed as a function of shear rate γ[over ̇], the concentration of the suspension ϕ, and the viscosity contrast λ=η_{in}/η_{out}, where η_{in} and η_{out} are the fluid viscosities of the inner and outer fluids, respectively. We find that the apparent (or effective viscosity) of the suspension exhibits both shear thinning (decreasing viscosity with shear rate) or shear thickening (increasing viscosity with shear rate) in the same concentration range. The shear thinning or thickening behaviors appear as subtle phenomena, dependant on viscosity contrast λ. We provide physical arguments on the origins of these behaviors.