The Collaborative International Dictionary of English v.0.48:

Oily \Oil"y\, a. [Compar. Oilier; superl. Oiliest.]
   1. Consisting of oil; containing oil; having the nature or
      qualities of oil; unctuous; oleaginous; as, oily matter or
      substance. --Bacon.
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   2. Covered with oil; greasy; hence, resembling oil; as, an
      oily appearance.
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   3. Smoothly subservient; supple; compliant; plausible;
      insinuating. "This oily rascal." --Shak.
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            His oily compliance in all alterations. --Fuller.
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   Oily grain (Bot.), the sesame.

   Oily palm, the oil palm.
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