Islamic Interpretation of Dreams (Ibn-i Sirin):

(Food) Anointing oneselfwith oil in a dream means receiving blessed and lawful earnings, or it could mean recovering from an illness. Drinking oil in a dream has a bad connotation and implies a bad omen, an evil spell or an illness. However, olive oil in a dream also represents knowledge, wisdom, spiritual guidance, inner light, blessings and lawful earnings. Drinkingany other type of oil in a dream such as oil from rape seeds of the crucifer family tree (Brasica napus), or cashew oil from the terebinth tree (Pistacia terebinthus), then it represents earning money from a suspicious source, or receiving illegal money. Oil in a dream also represents the light of the heart, spiritual growth, a growing insight, or it may denote birth control, murders, assassinations, or braking someone’s bones. Oil in a dream also denotes a broker.

If good oil turns putrid or stale in a dream, it means revoking one’s covenant, while if a putrid or a stale oil turns good in a dream, it means growing awareness, certitude and adopting a good standard in dealing with other.

(Also see Extracting oils from seeds; Olives)