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You'll need a second reference for this, however, olive oil was a precious oil. It held significant monitary value, and was therefore a commodity used to signify wealth. People of the biblical times viewed farmers "blessed" with abundant crops as wealthy and the other way around. Wealthy farmers were seen as "blessed", even if this weren't the case. Olive oil, being somewhat exspensive was used to "bless" people by anointing them with the oil. Anointing may be as little as a smudge or in many cases, they would drench the individual with olive oil. This would show the wealth and favor that God had given this individual.

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Q: How many times have olive oil been mentioned in the bible?
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