The sick are still among us. Nothing is specifically stated in the context as to the design of the practice. Second, there are no contextual indications that this anointing with oil had any sort of spiritual basis that would make it universally applicable or perpetually obligatory. If this was to be a requirement for the universal church for all time, it would seem to be a reasonable expectation that some foundation for the practice might have been supplied.
Commentators are sharply divided as to the meaning of the passage.
Certainly any view of this text which comes into conflict with other clear biblical information must be rejected. The oil would serve as a token of confidence in the power of their petition. While this concept may be possible, it does not readily commend itself to the ordinary expositor. Too, it would not explain why elders would be called to administer the oil. However, oil, as a physical remedy, would be useless in many sicknesses.