We set aside a quantity of oil for anointing.  It is then prayed over and set apart. It is used in a faith-based context, wherever and whenever anointing oil is required. 

The significance of the anointing oil lies in its representation of God’s blessings freely flowing toward us. In the Bible olive oil is mentioned several times as the oil used for lighting lamps

“And you shall command the children of Israel that they bring you pure oil of pressed olives for the light, to cause the lamp to burn continually. Exodus 27:20

 Olive oil was also used for anointing oil 

“Also take for yourself quality spices—five hundred shekels of liquid myrrh, half as much sweet-smelling cinnamon (two hundred and fifty shekels), two hundred and fifty shekels of sweet-smelling cane, five hundred shekels of cassia, according to the shekel of the sanctuary, and a hin of olive oil. And you shall make from these a holy anointing oil, an ointment compounded according to the art of the perfumer. It shall be a holy anointing oil. Exodus 30:23–25 

Not every reference to olive oil in the Bible is symbolic, of course. But there are passages in which olive oil can be a picture of the Holy Spirit, the One who sanctifies us, fills us, readies us to see Christ, and brings us light, joy, and spiritual health.So when you use the anointing oil, reflect on how Christ was crushed to bring you out of darkness into His glorious light, heal your body of all diseases and give you total forgiveness of sins. Expect then, to see the benefits of His sacrifice exploding in your life as you use the oil!

More reading on our anointing oil