IPA: /ˈɔɪl.kæn/
KK: /ˈɔɪlˌkæn/
A container used to hold and dispense oil, often with a spout for precise pouring, commonly used for lubricating machines.
He used an oilcan to lubricate the squeaky hinges on the door.
The word 'oilcan' is formed from 'oil' (from Old English *æle*, meaning a fatty liquid) and 'can' (from Old English *canne*, meaning a container). An oilcan is a container specifically designed to hold and dispense oil.
Think of a 'fatty liquid' ('oil') stored in a 'container' ('can') — that's what an oilcan is used for.