Oil caps are one of the original types of capacitors - usually using paper wound with foil, bathed in an oil dielectric. Often in a rectangular, oval, or round can with two terminals on one end. There are modern day equivalents, Jensen makes some nice ones (copper foil in oil, etc.), as does others (for even more money, e.g. Audio Note silver foil in oil....). Usually vintage caps are referred to as PIO. (paper in oil or sometimes poly in oil). They work great and are often used as filter caps in a tube amp power supply (probably their best application). Also good in crossovers, and sometimes as coupling caps between (tube) amp stages. Fairly easy to find the old ones, commonly they are available from 200v - 1000v ratings, sometimes higher. Usually values range from 1uf to 20uf but sometimes as high as 40 or 100uf for more modern ones. Modern applications include motor run caps (for DC electric motors).
-Ed
-Ed