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The "oil" as Ray Steadman points out, is the Holy Spirit.(from here)

The "oil" as Ray Steadman points out, is the Holy Spirit.

The "oil" as Ray Steadman points out, is the Holy Spirit.(from here)

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The "oil" as Ray Steadman points out, is the Holy Spirit.

With these revealing words from the Lord we can now discover what the oil signifies. Obviously, it was the lack of an adequate supply of oil which caused these foolish maidens to be met with the words, "I do not know you." They did, of course, have some oil when they began but it was not enough. Oil, in the Old Testament, is frequently used as a symbol of the Holy Spirit. Kings and priests were anointed with oil as a sign of their consecrated (and, supposedly, Spirit-filled) lives. Zechariah, the prophet, was shown a vision of a great golden lampstand with two olive trees standing beside it. The trees dripped oil into the bowls of the lampstand, and Zechariah was told: "Not by might, nor by power, but by my Spirit, says the LORD of hosts" (Zechariah 4:6). The oil symbolized the Spirit of God by which the light of testimony could be maintained in the hour of darkness.

This is a parable, as a previous answer noted, so it should not be taken out of the context it was meant to communicate. '10' is typically a number representing man; 10 fingers, 10 toes, of course our numbering system is base 10. The point of comparison is 5 Foolish/5 Wise.

They were all virgins, meaning they were all "acceptable" for the Lord's Return, and initially, all their lamps were lit. It was intended that they "all" be ready for the Marriage Feast of the Lamb.

But the Lord delayed His Return-over 2000 years. And they ALL fell asleep. The point the Lord was making wasn't 'don't fall asleep', but "Be ready for My Return". When the shout came, they all awoke; we can trust that the Lord will let His 'elect' be aware of His Eminent Return. But then came the separation; 5 virgins thought it 'wise' to keep a measure of oil-the Holy Spirit, for His Eminent Return, and 5 virgins didn't. It was not enough for the virgins to be awake, they also had to(Luke 12:35)

Let your loins be girded about, and your lights burning;

The sad truth is while the others were looking for the 'oil sellers', the Master came and closed the doors-leaving them outside, no different than the rest. And to make matters worse, when they 'reminded Him" of their invitation, He says,"I knew you not".(Matt. 25:12)

This parable can certainly apply to the individual, as vs 13 says

Watch therefore, for ye know neither the day nor the hour wherein the Son of man cometh

but since the picture is one of the Marriage Feast, which the believer is invited to when the Lord Returns,(Rev. 19:7-9)

Let us be glad and rejoice, and give honour to him: for the marriage of the Lamb is come, and his wife hath made herself ready. 8 And to her was granted that she should be arrayed in fine linen, clean and white: for the fine linen is the righteousness of saints. 9 And he saith unto me, Write, Blessed are they which are called unto the marriage supper of the Lamb. And he saith unto me, These are the true sayings of God.

I believe the inference is to the churches-some of which have waited 2000 years. Are they(and their members) equipt with the Holy Spirit and ready to meet the Lord? Or have they 'frittered' away their oil, and are no different than the world around them; searching with programs and methodologies which only the Holy Spirit can give. The oil(when lit) 'illuminates'; are they a light? Or is it just more darkness?