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The theorem of Archimdes says:

• The buoyancy of a body in a liquid substance equals the weight of the liquid substance which is displaced by the body.
  

or in terms of gases:

• The buoyancy of a body in a gas equals the weight of the gas which is displaced by the body.

The weight of the displaced liquid substance depends both on the volume of the body and the density of the liquid substance. Example: Oil has got a smaller density than water. A body which is dipped into oil would be affected by smaller buoyancy than in water.