U+1F746 ALCHEMICAL SYMBOL FOR OIL

The Wikipedia has the following information about this codepoint:

An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is both hydrophobic (does not mix with water, literally "water fearing") and lipophilic (mixes with other oils, literally "fat loving"). Oils are usually flammable and surface active. Most oils are unsaturated lipids that are liquid at room temperature.

The general definition of oil includes classes of chemical compounds that may be otherwise unrelated in structure, properties, and uses. Oils may be animal, vegetable, or petrochemical in origin, and may be volatile or non-volatile. They are used for food (e.g., olive oil), fuel (e.g., heating oil), medical purposes (e.g., mineral oil), lubrication (e.g. motor oil), and the manufacture of many types of paints, plastics, and other materials. Specially prepared oils are used in some religious ceremonies and rituals as purifying agents.