The meaning of Oil in the Bible
(From Easton's Bible Dictionary)

Only olive oil seems to have been used among the Hebrews. It was used for many purposes: for anointing the body or the hair (Exodus 29:7; 2Sam 14:2; Psalms 23:5; 92:10; 104:15; Luke 7:46); in some of the offerings (Exodus 29:40; Leviticus 7:12; Numbers 6:15; 15:4), but was excluded from the sin-offering (Leviticus 5:11) and the jealousy-offering (Numbers 5:15); for burning in lamps (Exodus 25:6; 27:20; Matthew 25:3); for medicinal purposes (Isaiah 1:6; Luke 10:34; James 5:14); and for anointing the dead (Matthew 26:12; Luke 23:56).

See more on the meaning of Oil in the Bible:
Oil {International Standard Bible Encyclopedia}

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