Father explained the significance of olive oil, going back to the end of Noah's journey on the ark:

The Blessing of the Oil

Sovereign Lord and Master, God of our Fathers, Who did send to them in the Ark of Noah a dove bearing a twig of olive in its beak as a sign of reconciliation and salvation from the Flood, and through these things prefigured the Mystery of Grace; and thereby have filled them that were under the. Law with the Holy Spirit, and perfected them that are under Grace: do You Yourself bless this Oil by the power (+) and operation (+) and descent of the Holy Spirit (+) that it may become an anointing of incorruption, a shield of righteousness, a renewal of soul and body, and averting of every operation of the devil, to the removal of all evils from them that are anointed with it in faith, or that are partakers of it.To Your Glory, and to that of Your Only-Begotten Son, and of Your All; Holy, Good, and Life; creating Spirit, both now and ever, and to the ages of ages.