"Anointing him with oil in the name of the Lord " (James 5:14) - This literally reads "after having oiled him." Whether this anointing is to be done before or during the praying is not clear from the Greek text. OIl most likely refers to olive oil. What does the oil signify?
(1) One group favors a medicinal purpose as with the Good Samaritan (Lk 10:34). Oil was used in ancient times as "cure" for a number of maladies from toothache to paralysis! As a physician I wonder how much of the "cure" was placebo effect?
(2) A second interpretation was that the oil served a sacramental function, which culminated in the Catholic use of oil in so-called extreme unction (arose about 852 AD) performed exclusively by a priest for the purpose of ostensibly removing any remnant of sin and of strengthening the soul of the dying (cf Euchelaion)). Clearly, this reflects an incorrect interpretation of James 5 which gives no Biblical support to this imaginative, mystical, man-made aberration of truth! This is what happens when we do not base our application on Sola Scriptura.
(3) Thirdly, the anointing of oil is seen by many as symbolic of consecration, which has a Scriptural basis (e.g., Ex 28:41), but the question then would be for what purpose is the sick person being consecrated? Perhaps it means that the sick "person is being set apart for God's special attention and care." Others like Cole say the oil symbolized the Holy Spirit. Perhaps, but this seems like a great deal of suppostional expositing with little genuine yield. I like Moo's statement that "anointing, whatever it signifies, is clearly subordinate to James’s main concern in these verses: and this is the subject prayer."
- Precept Austin