Can a preacher pray over oil and sanctify it?

Question:

Is it scriptural to have a minister pray over olive oil today, and when someone uses it, they act like you have used something sacred?

Answer:

In the Old Testament, objects and people dedicated to God were anointed with oil (Exodus 29:7; 40:9). There was a special recipe for the anointing oil (Exodus 25:6; 30:25; 37:29), but there was no command to pray over the oil. Those anointed with the oil became holy.

In the New Testament, oil was used for healing (James 5:14-15). While prayers accompanied the use of oil, the oil itself was not prayed over.

Nothing in the Bible supports praying over oil to make it holy.