Question 1 Figure 1: Daily spot crude oil prices ( Jan 2020 to Dec 2021) dollars per barrel (S/b) Oct 26 $86/D S90 S80 Brent West Texas S70 S60 Intermediate $50 Jan 4. 2021 $50/b $47/b $40 S30 S20 $10...

Extracted text: Question 1 Figure 1: Daily spot crude oil prices ( Jan 2020 to Dec 2021) dollars per barrel (S/b) Oct 26 $86/D S90 S80 Brent West Texas S70 S60 Intermediate $50 Jan 4. 2021 $50/b $47/b $40 S30 S20 $10 Apr Jul Oct Jan 2021 Jul Oct Apr Jan 2020 Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply. The spot price of Brent crude oil, a global benchmark, started the year at $50 per barrel (b) and increased to a high of $86/b in late October before declining in the final weeks of the year. Brent's 2021 annual average of $71/b is the highest in the past three years. The price of West Texas Intermediate (WTI) crude oil traced a similar pattern to Brent and averaged $3/b less than Brent in 2021. Source: Crude oil prices increased in 2021 as global crude oil demand outpaced supply - Today in Energy- U.S. Energy Information Administration (EIA) Required: a. Based on the above statement, discuss FOUR (4) factors that caused the fluctuation in the equilibrium price of crude oil by using a separate demand and supply diagram.