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Oil is used in adventuring gear.  One pint of oil costs 1sp, and weighs 1 pound.[PH:222]

A pint of oil allows a lantern to provide bright light for 8 hours. 

Unlike other editions, oil has no immediate rule for using as an improvised way to burn targets.  However, should someone manage to hit a monser with oil and ignite it, it is fair to have it inflict some damage as listed in the damage expression table found in the DMG update.

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