this question is ask from the article Saudi Arabia Pledges to support Oil market. i have the answer of the 1 i need 2 and 3. i don't understand the question.

Read the WSJ articles below and answer the following questions: QUESTIONS: 1. (10 pt.) Explain why the market for WTI crude oil can be viewed as a "perfectly competitive market." How is the price of crude oil determined? Are there a large number of buyers and sellers? Do individual firms buying or selling crude oil have the power to set price? Is this a standardized Is this product? Is there "free entry or exit" in this market? Are there any 2000 pound gorillas in this market that have the ability influence the price of crude oil? 2. (5 pt. ) Has there been an increase or decrease in demand? Remember that some of the factors that could shift the demand curve include changes in preferences, income, the price of substitutes or complements, or a change in the number of consumers in the market. Explain your reasoning carefully 3. (5 pt. ) Has there been an increase or decrease in supply? Remember that some of the factors that could shift the supply curve include changes in the costs of materials, wages, or other inputs, changes technology or the number of firms in the market. Explain your reasoning carefully