oil (n.) Look up oil at Dictionary.com
late 12c., "olive oil," from Anglo-French and Old North French olie, from Old French oile, uile "oil" (12c., Modern French huile), from Latin oleum "oil, olive oil" (source of Spanish, Italian olio), from Greek elaion "olive tree," from elaia (see olive). Old English æle, Dutch olie, German Öl, etc. all are from Latin. It meant "olive oil" exclusively till c.1300, when meaning began to be extended to any fatty, greasy substance. Use for "petroleum" first recorded 1520s, but not common until 19c. The artist's oils (1660s), short for oil-color (1530s), are paints made by grinding pigment in oil.
oil (v.) Look up oil at Dictionary.com
mid-15c., from oil (n.). Related: Oiled; oiling. An Old English verb in this sense was besmyrian.