models designed to ensure consistent dividend payouts to investors has led to the development of more aggressive hedging policies in companies and less restrictive covenants in bank loans." Institutional investors divesting from oil industry At the fifth annual World Pensions Forum in 2015, Jeffrey Sachs advised institutional investors to divest from carbon-reliant oil industry firms in their pension fund's portfolio. COVID impact on oil prices The COVID-19 pandemic lowered demand for oil because of lockdowns around the world. On February 10, 2020, oil reached its lowest level in over a year, with the pandemic a major reason. WTI fell 1.5 percent to $49.57, the lowest since January 2019, and Brent dropped 2.2 percent to $53.27, the lowest since December 2018. WTI ended February 28 down more than 16 percent for the week, the most in 11 years, falling 5 percent to $44.76 on February 28. Brent closed at $50.52. Both were the lowest since December 2018. Warmer than usual weather was one reason but the major factor was concerns about economic slowdown due to COVID-19. With worldwide demand continuing to decline due to COVID-19, oil fell for a fifth straight week at the end of March and any actions taken by Saudi Arabia or Russia would be inconsequential. In the first quarter, the percentage loss was the worst ever, 66.5 percent for WTI and 65.6 percent for Brent. Then on April 2, WTI jumped 24.7 percent to $25.32 and Brent rose 21 percent to $29.94, the biggest percentage increase in a single day ever, in anticipation of significant production cuts. On April 20, the front month contract for WTI fell below zero, an unprecedented event. With the contract for May delivery expiring on April 21, the contract for June delivery became the new front month contract; on April 22 after settling at $13.78, WTI was the lowest since the 1990s. In December 2020 demand appeared likely to rise in China, and a pandemic relief package appeared more likely in the United States, while COVID-19 vaccines became available. WTI ended December 15 the highest since February, and Brent reached the highest since March. WTI and Brent finished the first week of February 2021 at the highest since January 2020. COVID-19 vaccines were a big reason for positive economic news. The third week of March ended with the largest loss for a week since October, with COVID-19 increases in Europe a big