What does ŏlīvum mean in Latin?

ŏlīvum, a noun, means “Oil”.

noun

ŏlīvum

ŏlīvum or ŏlīvom, i, n. id..

I. Lit.

A. Oil (poet. and in post-class. prose for oleum): eme die caecā hercle olivum, id vendito oculatā die, Plaut. Ps. 1, 3, 67; id. As. 2, 4, 26; id. Ps. 1, 2, 76; Lucr. 2, 392; id. 6, 1073: inolens, id. 2, 850: pingue, Verg. E. 5, 68; Ov. M. 10, 176: perfundere pisces olivo, Hor. S. 2, 4, 50: si ex olivis meis olivum feceris, Gai. Inst. 2, 79.—

B. Trop., the palœstra (from the use of oil to anoint wrestlers): cur olivum vitat? Hor. C. 1, 8, 8; cf. oleum.—

II. Transf., an ointment, unguent: Syrio fragrans olivo, Cat. 6. 8; Prop. 4, 16, 31.