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From 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. [1913 Webster] 2. Covered with oil; greasy; hence, resembling oil; as, an oily appearance. [1913 Webster] 3. Smoothly subservient; supple; compliant; plausible; insinuating. "This oily rascal." --Shak. [1913 Webster] His oily compliance in all alterations. --Fuller. [1913 Webster] Oily grain (Bot.), the sesame. Oily palm, the oil palm. [1913 Webster]