I think the majority of people consider oil flammable so I would say no. Additionally, AA, according to their website, considers paint flammable. If they consider paint flammable I would assume that they would consider oil flammable.

However, do you have an MSDS for it? If you can find one, it will tell you if OSHA considers it flammable or combustible. That would be the best way to tell for certain but, even if it's not flammable according to the MSDS, I'm not sure if the hassle involved in convincing the airline would be worth it.