Scriptures and References on Anointing oil
For an excellent study on scripture and anointing oil by Pastor Joseph Prince click on this link: Understanding The Significance Of The Olive Tree And Anointing Oil . At the bottom there is a video where Pastor Joseph Prince leads you in praying over your oil to have it be anointed by the Lord for His purposes. You can also download for free their Gospel Revolution publication which has this teaching and you will see at the bottom of the teaching on their website.
Here is a much shorter excerpt regarding scripture and anointing oil which I think summarizes it well: Taken from an Assemblies of God statement on their website.
“Laying hands on the sick was a common practice in the Early Church. Jesus often laid hands on people before healing them (Mark 6:5; Luke 4:40; 13:13). Paul laid hands on a sick person and he was healed (Acts 28:8). Jesus said concerning His followers, “they will place their hands on sick people, and they will get well” (Mark 16:18).
Anointing with oil for many different purposes was commonly practiced throughout the Scriptures. The New Testament mentions it specifically in connection with praying for the sick. On one occasion Jesus sent out the twelve disciples on a mission; they “anointed many sick people with oil and healed them” (Mark 6:13). In a congregational situation, the usual procedure is for a sick Christian to call for the elders of the church to pray over him and to anoint him with oil (James 5:14-16).
In biblical times oil was commonly used as a healing agent (Luke 10:34). But when used by the early Christians for anointing purposes it was merely a symbolic reminder to God’s healing power. Today as then, the anointing oil itself has no healing power. Healing takes place by the power of the Holy Spirit (Acts 10:38), of whom oil is a symbol (Zechariah 4:4-6).
In the Assemblies of God we believe neither the laying on of hands nor anointing with oil is indispensable for healing, for often in Scripture healing takes place without either. But at times the touch of a praying person and the application of oil are an encouragement to faith, and such a practice is enjoined by Scripture (James 5:14-16).”