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Here's how to Fix Oculus Runtime Service Error in Windows. Run Avast Driver Updater@ https://www.anrdoezrs.net/click-7952654-14577796 to keep your device drivers up-to-date, easily & effectively.
i. Here are some steps you can take to fix the Oculus Runtime Service Error in Windows:

Restart your computer. This may seem like a simple solution, but it can often fix minor problems that are causing the error.
Update your graphics drivers. Outdated or corrupted graphics drivers can cause a variety of problems, including the Oculus Runtime Service Error. Reinstall the Oculus software. If updating your graphics drivers doesn't fix the problem, you can try reinstalling the Oculus software. To do this, uninstall the Oculus software from your computer, then download and install the latest version from the Oculus website.
Disable your antivirus software. Antivirus software can sometimes interfere with the Oculus software, causing the Oculus Runtime Service Error. To test if this is the case, disable your antivirus software and try running the Oculus software again. If the error goes away, you can try adding the Oculus software to your antivirus software's exceptions list.
Contact Oculus support. If you've tried all of the above steps and you're still having problems, you can contact Oculus support for help. They may be able to provide you with additional troubleshooting steps or help you troubleshoot the problem over the phone.

Here are some additional tips that may help you fix the Oculus Runtime Service Error:

Make sure that your computer meets the minimum system requirements for the Oculus Rift.
Make sure that you're using the latest version of the Oculus software.
Try running the Oculus software as an administrator.
Try running the Oculus software in compatibility mode for a previous version of Windows.
Try uninstalling and reinstalling the Oculus drivers.
Try updating your BIOS.
Try resetting your CMOS.
Try contacting your motherboard manufacturer for help.

ii. The following services are required to run Oculus on Windows:

Oculus Runtime Service: This service is responsible for running the Oculus software and managing the hardware.
Oculus OVRServer_x64: This service provides support for the Oculus Rift headset.
Oculus Display Service: This service provides support for the Oculus Rift display.
Oculus Audio Service: This service provides support for the Oculus Rift audio.
Oculus Diagnostics Service: This service collects diagnostic data from the Oculus Rift headset and sends it to Oculus.

If any of these services are not running, you may experience problems running Oculus on Windows. To check if a service is running, you can open the Services window in Windows. To do this, press Windows+R and type services.msc. In the Services window, look for the service in the list and check the status. If the status is "Running", the service is working properly. If the status is anything else, you can try restarting the service. To restart a service, right-click on it and select "Restart".
If restarting the service doesn't fix the problem, you can try reinstalling the Oculus software. To do this, uninstall the Oculus software from your computer, then download and install the latest version from the Oculus website.

If you're still having problems, you can contact Oculus support for help.

iii. Oculus OVRServer_x64 is a service that provides support for the Oculus Rift headset. It is responsible for tracking the headset's position and orientation, rendering the image to the headset's display, and managing the headset's audio. Oculus OVRServer_x64 is a critical component of the Oculus Rift experience, and it is required to run any Oculus Rift applications.

Here are some of the things that Oculus OVRServer_x64 does:

Tracks the position and orientation of the headset using the headset's sensors.
Renders the image to the headset's display.
Manages the headset's audio.
Communicates with the Oculus servers.
Collects diagnostic data from the headset.
Oculus OVRServer_x64 is a complex piece of software, and it is not always perfect. There have been reports of Oculus OVRServer_x64 causing problems, such as high CPU usage, crashes, and errors.