Concept:
The rate of photosynthesis is controlled by several limiting factors such as light, CO$_2$, and temperature.
Oxygen is not a limiting factor; instead, it can act as an inhibitor due to photorespiration.
Step 1: Identify limiting factors.
Primary limiting factors include:
\[
\boxed{\text{Light intensity, CO}_2 \text{ concentration, temperature}}
\]
Step 2: Check oxygen role.
Oxygen does not directly limit photosynthesis rate. Instead, high oxygen may increase photorespiration.
\[
\boxed{\text{Oxygen is NOT a primary limiting factor}}
\]
Step 3: Select correct option.
Hence,
\[
\boxed{\textbf{Option (D)}}
\]