In the Bible (Jeremiah, Ecclesiastes, Hosea), the olive tree is a symbol of beauty, justice and knowledge. For us it also has exorcising functions: in the homes of our elders, the blessed olive branch, renewed every year on Palm Sunday, was inevitable at the head of the bed, thaumaturgical protection from every illness.
In the Christian tradition, oil is as sacred as the olive tree that produces it: it is in fact the matter chosen by God as a channel of transferring some of His graces to men, expounding holiness in the Sacraments.